The Russians Are Coming And They're Paying Top Dollar

Remember when the Japanese came and payed top dollar to travel in style? Well, according to the Wall Street Journal [$$] the Russians are "the next Japanese". Russians are traveling overseas increasingly in style. This is a surprising development considering that the average Russian income is $300 per month but the new middle class and wealthy are heading out in numbers to Europe, Bali and even the States.

"Leading Hotels of the World, a luxury-hotel marketing group, says Russian business at its hotels has increased to 13 million travelers in 2004 from just one million travelers in 1999. In Italy, the number of Russian visitors grew 31% in 2004 and 30% in the first half of this year from year-earlier periods, according to the Russian Union of the Travel Industry...Major hotel companies, including Marriott International Inc.'s Ritz-Carlton and Four Seasons Hotels Inc., have recently announced new hotel projects in Moscow, in part because Russian clients have been so loyal to their brands overseas."

Source: [$$] Wall Street Journal