Affluent Americans expect to spend an average of $13,249 on leisure travel according to new research.
BMO Private Bank, a unit of BMO Financial Group, unveils this finding in a study that is part of BMO Private Bank's Changing Face of Wealth series. The series examines trends among affluent Americans (those with more than $1 million in investible assets).
According to the study:
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High-net-worth Americans plan to spend an average of $2,902 per trip.
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63 percent plan to take more than three trips this year, with the average affluent American taking six trips for pleasure.
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77 percent choose to fly economy, and the rest (23 percent) choose business or first class.
The study also found that upon arrival, most high-net-worth travelers prefer to stay in a four-star hotel (69 percent). Additionally:
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24 percent choose an all-inclusive resort.
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Timeshares are also popular, whether owned by themselves (19 percent) or others (15 percent).
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20 percent prefer a five-star hotel.
Surprisingly, high-net-worth Americans lean toward the spring (72 percent) and fall (76 percent) for their favorite travel times; less than one fifth find themselves traveling during the holidays (17 percent). Summer came in third, with 64 percent usually traveling at that time.
Most affluent Americans choose to travel within the United States (89 percent), while nearly half said they travel to Europe (49 percent). Other travel destinations included Canada (30 percent), Asia (25 percent), Mexico (22 percent), Central/South America (17 percent), and Australia (18 percent).
