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July 21, 2015 at 08:47 AM
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.
