In 2025, the world’s wealthiest individuals will shift their spending priorities, favoring travel and wellness over traditional luxury goods.
According to a new study by financial services firm Charles Schwab, affluent consumers are cutting back on luxury shopping, education, and cars while increasing their budgets for vacations and personal health.
More Travel, Less Luxury Shopping
Among individuals with at least $1 million in investable assets, 40% plan to travel more than last year, making it the top spending priority for 2025. This trend is already shaping the tourism industry, with companies offering exclusive experiences such as private jet world tours, luxury train journeys, and high-end wellness retreats to cater to the growing demand.
Meanwhile, 31% of wealthy consumers say they will spend less on luxury goods, marking a departure from last year’s “quiet luxury” trend. The shift indicates a growing preference for experiences over material possessions, reinforcing the idea that personal well-being and adventure are becoming the new definition of luxury.
Health Becomes a High-Priority Investment
Aside from travel, 26% of affluent consumers plan to invest more in their health. This includes wellness tourism, spa retreats, personalized healthcare programs, and fitness-focused vacations. From medical check-ups in top clinics to exclusive wellness resorts, the wealthy are looking for ways to enhance longevity and well-being through their spending choices.
Real Estate Over Cars and Education
Another key area where the wealthy plan to increase spending is real estate and home improvement. About 23% intend to renovate or upgrade their homes, prioritizing comfort and long-term investments over fleeting luxury trends.
In contrast, spending on education and cars is declining. According to the survey:
- 26% of high-income individuals will cut back on education expenses
- 20% will spend less on luxury vehicles
Optimism About Investments and the Economy
Despite global uncertainties, 56% of the super-rich remain optimistic about their financial portfolios and the overall economy in 2025. Moreover, 64% plan to adjust their investments in the next three months, fine-tuning their strategies to adapt to changing risks rather than making drastic shifts.
The Future of Luxury: Meaningful Experiences Over Material Goods
The findings highlight a major transformation in luxury spending—one where wellness, travel, and meaningful experiences take precedence over high-end shopping and traditional status symbols.
As the wealthy redefine their priorities, the tourism and wellness industries are set to thrive, catering to an audience eager for personal enrichment and global exploration.
