The Ecosystems Around the Wealthy’s Third and Fourth Luxury Vacation Homes
Skift Take
Multiple homeowners are a growing segment of the luxury travel market, so learning to speak and appeal directly to their unique desires is a necessity for any luxury travel provider.
There is a shadow hospitality infrastructure outside of the traditional hospitality sector that powers luxury consumers' third or even fourth homes. It includes personal staffing agencies, smart home devices, private transportation providers, developers investing in spec homes, and, of course, the economies where these home are located.
Although U.S. homeownership rates in 2016 dropped to the lowest — 62.9 percent — since 1965, many of these homeowners own more than one home.
Nearly one in five homeowners, or 18 percent, own an additional property beyond their primary residence, according to research from digital real estate database Zillow. This is comprised of investment properties and vacation homes, and nearly half of those with a second home rent them out.
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