A study by L.E.K. Consulting, a management consulting firm based in London, has found that there has been a sharp increase in people looking for luxury when choosing their holiday destinations, hotels or activities.
It was also revealed that luxury travel was the most popular thing to use discretionary spending on, even higher a spend then on dining, jewellery, clothing and vehicles.
Dan McKone, consulting managing director of L.E.K, said: "While luxury travel once meant first-class transportation and plush accommodations, today's luxury travelers are just as likely to seek out life experiences. And instead of being solely affluent, they're as likely to be mainstreamers who pick and choose the luxury elements they want to add to their trips."
It was previously revealed millennials also choose their luxurious travel on what will give them the best photos for their social media pages.
They wrote in their study report: "Millennials amp social currency with 'prestige moments'. For members of the selfie generation, the ability to capture 'in the moment' prestige experiences and share them with their social network is extremely important, and key to building a personal brand.
"Perhaps nothing is as powerful as travel in communicating that you are connected, worldly and exciting. Suppliers in the industry should embrace this mindset by offering experiences that help enable and activate it. If an agency, a hotel brand or a tour operator can help plunge guests into what is perceived to be an authentic moment, it will clearly be valued."