By CultureBanx Team
- Frequent travel by African Americans equates to over $109.4 billion dollars, along with an untapped market opportunity for brands
- 17% of African Americans take one or more international trips and travel locally more than six times per year
The emphasis on personal endeavors, while traveling for leisure is a practice that will become the norm. “Cultural” travelers are the highest spenders with 17% of African Americans taking one or more international trips and traveling locally more than six times per year, according to the Mandala Research Firm. Frequent travel by African Americans equates to over $109.4 billion dollars, along with an untapped market opportunity for brands. Since this group is five percent more likely to travel for the purposes of a convention, or conference compared to other races, it’s time to retreat, recharge and make money while doing it.
Why This Matters: If we look at hospitality giant AirBnB, it created a separate business component for residents in the form of hosting and curating experiences for visitors. Black thought leaders, creatives and experience coordinators have a chance to jump start a successful business in this space with financial flexibility.
Wellness tourism is currently a $639 billion market and expected to increase to nearly a trillion dollars by 2023. International wellness tourists spend 53% more than any other group, with some of the top visited countries being Costa Rica, Italy and Mexico. With all this financial growth in self development, there is a window of opportunity to create travel experiences while exploring the world yourself. Hosting a retreat doesn’t necessarily have to be meditation, dieting or yoga. Coordinating a traveling sanctuary can focus on writing, volunteering or spirituality.
Situational Awareness: There are numerous black owned companies that regularly hosts yoga and meditation retreats at amazing resorts in Phoenix, Morocco, The Poconos and Grenada. Some of these companies that are successfully operating well received vacation experiences are The Women of Color Healing Retreats, OYA Retreats and Om Noire. Experiencing a retreat designed for people of color is a great way to take notes on the business model and gain some inspiration to find your own voice in the industry.
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