A recent study found that households earning a minimum of six figures annually are expected to make up most of the holiday travelers this year.

According to a survey conducted by consulting firm Deloitte, 45% of travelers this season earn at least six figures—up from 38% last year. Additionally, they make up 52% of hotel guests—up from 43% last season.

“Travelers are looking to invest in upgrades and experiences that will make the holiday memorable,” said Kate Ferrara, vice chair for U.S. transportation, hospitality, and services at Deloitte, per NBC News.

It’s pretty much a no-brainer that the more money you make, the more you can afford to travel. Of course, making six figures today does not get you nearly as far as making six figures 20 years ago (or really even just a few years ago). Some experts are referring to this increase in travel as the “wealth effect.” 

According to Jan Freitag, national director for hospitality market analytics at the real-estate data firm CoStar, “Continued higher stock and home prices make higher-end households ‘feel’ wealthier.”

“And so they are taking this festive season as another reason to treat themselves,” he told NBC News. 

On the other hand, households earning less than $50,000 only make up 23% of travelers this year—down from 28% last year. This hints that not as many lower-income households are traveling to see family or taking well-deserved vacations from work this season.