Findings paint a portrait of how affluent Americans like to spend their money and vacation time and reveal some surprising results
A recent BMO Private Bank Study examined travel trends among wealthy Americans – those defined as having more than $1 million in investable assets. For the report, researchers surveyed about 500 Americans in online interviews.
The study revealed that affluent Americans tend to avoid busy summer months and prefer to travel in the spring or fall.
Sixty-three percent plan to take more than three trips this year, with the average affluent American taking six trips for pleasure; and they shell out an average of nearly $3,000 per trip.
There were some other surprising results. For example, seventy-seven percent choose to fly economy, and the rest (23 percent) choose business or first class.
After the US, high-net worth Americans favor Europe, Canada, Asia, Mexico, Central and South America and Australia for vacation (in that order).
The report also provides a regional breakdown of which states. It turns out that Florida, with its large retiree population, is the most spendthrift state, dishing out an average of $20,100 a year while on vacation.
The report also shows that rich Americans choose to stay, at minimum, in a four-star hotel. A quarter of respondents said they’re also fond all-inclusive resorts where everything is planned out for them, and another 25 percent said they prefer five-star hotels.