Travel Ideas: Travelers Benefit from Industry Trends

Many areas of the U.S. experienced sweltering heat throughout this past summer. As the seasons change, now is a great time to take a vacation and enjoy the cooler air.

Plan to get away

If you’re looking to avoid the crowds, consider locations not necessarily off the beaten path but adjacent to popular hotspots. For example, if you’re hankering for a colorful autumn trip to New England to catch the leaf show, consider places like Washington, Connecticut, or Bernardsville in Northern New Jersey.1

Book the details

When booking flights and accommodations, online travel agencies, such as Travelocity or Kayak, can be a good way to compare rates. However, once you decide on a venue it may be a better idea to book directly with the airline or hotel. This makes you an official customer of the company (instead of the online agency), which can help garner a bit more responsiveness and personal attention, especially if something goes wrong. Also, industry-rate parity rules require online agencies publish a rate also available at the airline or hotel.2

Budget for travel

Whether you’re still working or already retired, getting away for brief or extended trip is an effective way to break up daily living and get a fresh perspective on life, so it’s important to include a travel line item in your annual budget. You can put a little aside each month, earmark annual windfalls such as tax refunds or use retirement plan required minimum distributions (RMDs) to indulge in the occasional break away from home. If we can help you create a budget that includes regular travel ventures, please give us a call.

Find home away from home

The upscale hotel industry has experienced a fair amount of disruption in recent years, to the benefit of travelers. For example, Airbnb, which started out as a cheap alternative to your average motel, has evolved from air mattress accommodations to competition at the luxury level. The upscale market comprises well-known hoteliers such as Hyatt and the Four Seasons, small boutique hotels and, now, Airbnb Plus — a new high-end service that vets homes and hosts to ensure a high-quality experience.3

Perhaps due to the influence of the shared economy, even upscale travelers appear to be seeking the comforts and local experiences traditionally associated with renting a home. High-end hotels are making similar accommodations by integrating their restaurants into the lobby space to create a more social atmosphere and stocking rooms with regional amenities, such as locally sourced soap.4

Go green on the road

In keeping with the trends toward green innovation and environmental sustainability, some high-end hotels have begun to pare down standard luxury amenities. While rooms may still be big and the service exquisite, sustainable details may include organic, minimalist aesthetics, and low-waste and energy-efficient utilities such as filtered tap water.5

Savor the relaxation

The satisfying glow of staying at a high-end yet environmentally conscious hotel may continue if you incorporate outdoor activities as part of your vacation itinerary. Research shows that spending time in nature has been linked to a reduction in stress, anxiety and depression.6 After all, if your travel plans are designed to provide rest and relaxation, a bit of nature alongside your luxury accommodations could be a prime combination ticket.

 

Content prepared by Kara Stefan Communications.

1 Forbes. Aug. 17, 2018. “19 Perfect Destinations To Welcome Fall.” https://www.forbes.com/sites/forbestravelguide/2018/08/17/19-perfect-destinations-to-welcome-fall/#2b62697158eb. Accessed Aug. 17, 2018.

2 David Lund. Hospitality.net. Aug. 15, 2018. “Hospitality Financial leadership – Why Your average Joe Should never Use an OTA – and…Why He Will Never Stop Using Them!” https://www.hospitalitynet.org/opinion/4089603.html. Accessed Aug. 16, 2018.

3 Aislyn Greene. AFAR. Feb. 22, 2018. “Everything You Need to Know About Airbnb’s New High-End Services.” https://www.afar.com/magazine/everything-you-need-to-know-about-airbnbs-new-high-end-services. Accessed Aug. 16, 2018.

4 Joe Pinsker. The Atlantic. Sept. 21, 2017. “How the Hotel Industry Views Its Future (and Airbnb).” https://www.theatlantic.com/business/archive/2017/09/hotels-magazine-industry-airbnb/540525/. Accessed Aug. 16, 2018.

5 Nicole Martinez. Urban Land Magazine. July 2, 2018. “How Two New Florida Hotel Concepts Are Competing with Airbnb, Marriott.” https://urbanland.uli.org/development-business/two-new-florida-hotel-concepts-competing-airbnb-marriott/. Accessed Aug. 16, 2018.

6 Harvard Medical School. July 1, 2018. “Sour mood getting you down? Get back to nature.” https://www.health.harvard.edu/mind-and-mood/sour-mood-getting-you-down-get-back-to-nature. Accessed Aug. 16, 2018.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

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