Among Affluent households, age is a significant factor in how much travelers are willing to spend on their vacation,
I’ll be home for Thanksgiving. That seems to be the tune Affluent households will be singing this year, according to a new survey of Affluent consumer trends conducted by Spectrem’s Millionaire Corner. Three-fourths said they do not plan to travel this Thanksgiving. Not surprisingly, the highest percentage of Affluent consumers surveyed who said they will not be traveling on Thanksgiving this year were those in households with a net worth of less than $100,000.
Of those who will be traveling on Thanksgiving, the highest percentage (35 percent) plan to spend at least $500, with just under one-fourth (23 percent) saying they plan to spend between $200 and $499,
Spending on travel and tourism in the U.S. increased at an annual rate of only 2.5 percent in the second quarter, down from 7.3 percent in the first quarter when spending rose at its fastest pace in two years, according to a Commerce Department report released in September.
Among Affluent households, age is a significant factor in how much travelers are willing to spend on their vacation, according to previous Millionaire Corner surveys. In anticipation of summer vacation this year, respondents ages 40 and under reported they would be reining in their vacation spending. Thirty-seven percent said they will spend between $2000 and $5,000, while 30 percent said they will spend $2,000. Conversely, baby boomers and seniors over the age of 60 planned to spend significantly more than their younger counterparts. One-fourth said they would spend between $5,000 and $15,000 (vs. 17 percent of those under 40), while 15 percent would spend at least $15,000, compared with just 3 percent of the under-40 crowd.
This Thanksgiving appears to be no exception. The highest percentage (31 percent) of Affluent travelers 40 and under plan to spend either up to $50 or between $200 and $499, our most recent survey found. They were the least likely to forecast spending of at least $500. In comparison, 40 percent of those ages 60 and over plan to spend that much.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.