According to a late May survey from U.S. News, 72% of Americans admitted to altered their summer travel plans due to rising costs, and 20% even shared that they would be going into debt to cover their vacation expenses.
While many people believe that they would spend more on travel if they were better off financially, the reality is that wealthy travelers also hunt for value to save money. We will explore the unique savings methods of the rich when it comes to planning trips.
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Here are seven different ways wealthy travelers try to save money on their vacation costs.
1. They Find the Best Travel Credit Card Rewards Programs
According to Christian Petzold, a travel expert and marketing director at CityTrip Travel, wealthy travelers save money by using credit cards that offer the best travel rewards program.
Petzold found that wealthy travelers will turn to the American Express Platinum and Chase Sapphire Reserve to accumulate points on their everyday expenses, which they then use to cover business or first-class fares. By utilizing travel credit card rewards programs, wealthy travelers earn rewards for everyday purchases, which can be redeemed as savings on future trips.
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2. They Book Premium Economy Flights
Georgia Fowkes, a travel advisor at Altezza Travel, noted that wealthy people save money on travel by booking premium economy flights, instead of business or first-class, and securing access to first-class lounges via a credit card like the Amex Platinum.
“While it won’t be a first-class seat on the flight, boarding refreshed and well rested after enjoying premium amenities makes the economy feel like an upgrade,” she elaborated.
This combination allows rich people to travel in luxury without spending the big bucks on the experience.
3. They Become Members of Hotel Loyalty Programs
Many wealthy travelers are members of hotel loyalty programs, so they always stay in the same hotels, which allows them to collect points for free stays and upgrades in the future. Some will even go a step further by using elite status matches across multiple hotel chains.
A common example is that status earned with Marriott Bonvoy can often be matched or fast-tracked with Hilton Honors or IHG One Rewards. This means that travelers can often get suite upgrades, late checkout, and complimentary breakfast across different chains to save money on travel-related expenses.
4. They Hire Luxury Travel Consultants
Petzold pointed out wealthy travelers will invest in hiring luxury travel consultants or concierge firms.
“It may seem contradictory to pay for a service in order to save money, but these advisors usually have inside knowledge of unpublished rates, free room upgrades, early check-in and late check-out, and perks such as spa or dining credits at luxury resorts,” he added.
A recent instance that Petzold noticed was staying at the Four Seasons in a suite through a Virtuoso-affiliated advisor that includes a $100 dining credit and daily breakfast amenities. The upfront investment helps rich people save money because these little expenses can quickly add up.
5. They Travel During Shoulder Season
Petzold shared that high-net-worth travelers usually save money by traveling during the shoulder season. For example, some will choose to travel to Tuscany in late September or early May, when the weather is still ideal, but the prices are drastically lower. Wealthy travelers will use this time to book luxury villas or boutique hotels at a lower cost, avoid the tourist crowds and still have the full experience.
6. Throwaway Ticketing
Fowkes brought up the concept of throwaway ticketing, which is a money-saving hack that frequent fliers and wealthy travelers are aware of. This involves buying a round-trip ticket and using only the outbound leg, or purchasing a connecting flight and getting off at the connection point to save money.
She noticed that wealthy people will explore this option since airlines will surprisingly charge less for a return ticket than a one-way ticket in many instances. This unique strategy may seem counterintuitive, but it can bring down the cost of a trip.
7. They Use Apps To Track Price Fluctuations and Maximize Points
The travel experts found that wealthy travelers will use apps like Skyscanner, FareDrop and Hopper to track price fluctuations in flights and hotels to ensure that they land the best deals on vacations. Some wealthy tourists will even track fare patterns for weeks or months using Google Flights and buy when prices drop.
Petzhold noted that a high-end traveler heading to the Maldives can track business-class prices from multiple departure locations and get a more favorable rate going out of Frankfurt instead of London.
Fowkes also shared that wealthy travelers will use tools like Point.me or AwardHacker to maximize their points to get better deals. She discovered that wealthy travelers utilize apps and tools to secure itineraries at a third of the price.
Just because someone happens to be well-off financially, it doesn’t mean that they don’t seek out bargains on trips.
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This article originally appeared on GOBankingRates.com: 7 Ways Wealthy Travelers Still Hunt for Value To Save Money
