The post-covid luxury spending boom has begun. It’s already reshaping the economy.

Travel agent Dottie Williford’s phone won’t stop buzzing: Her high-end clients in Raleigh, N.C., are eager to explore the world again. She stayed up until midnight recently to book two $20,000 cabins on a luxury cruise to the Bahamas in July. The high-end cruise ship normally sails the Mediterranean but was brought back to the Bahamas as Americans feel safer traveling closer to home. Tickets sold out by 9 a.m.

“People don’t usually spend $20,000 to go to the Bahamas, but my clients are,” Williford said. “The first things to sell out were the top category on the ship.”