While summer vacation might conjure up visions of the Griswolds piling into their family station wagon for an ill-fated trip across the country, for the affluent in 2015 it means multiple trips in comfort and style.
Affluent Americans with at least $1 million in liquid assets will spend an average of $13,249 on leisure travel this year, according to a recently released study from Chicago-based BMO Private Bank.
The vacation snapshot of high-net-worth families’ plans found that 63 percent plan to take more than three trips this year, with the average affluent American scheduling six trips for pleasure.
Respondents will spend an average of $2,902 per trip, but without splurging on airfare—77 percent said they will choose to fly economy class.
The study, which surveyed 493 high-net-worth Americans 18 years of age and older, also found the following:
- Most high-net-worth travelers (69 percent) prefer to stay in four-star hotels.
- Spring (72 percent) and fall (76 percent) are more popular travel seasons for affluent families than summer (64 percent).
- Eighty-nine percent of respondents plan to travel within the U.S.
- Additional destinations include Europe (49 percent), Canada (30 percent), Asia (25 percent), Mexico (22 percent), Central/South America (17 percent) and Australia (18 percent).
