A majority of investors don't want to pay for any airline extras that used to be free.
Airlines continue to find new ways to make money, but there are some parts of the American flying experience investors are willing to pay for more than others.
A Spectrem’s Millionaire Corner survey of wealthy investors shows that most travelers do not want to have to pay extra for any of the conveniences that used to be free. Fifty-eight percent of investors said they were not “more willing’’ to pay for services such as baggage fees, more leg room or food.
Of those investors who are willing to shell out a few bucks for services, the most popular item was more leg room. Twenty-eight percent of investors said they were willing to pay more for that convenience, and 37 percent of investors with a net worth over $5 million were willing to pay for that luxury.
Fifteen percent of traveling investors were willing to pay for food, and 23 percent of corporate executives considered that a worthy expenditure. Just in case you’re wondering, men (15.3 percent) and women (14.9 percent) were nearly equal in their opinion of paying extra for food.
Almost 10 percent said they were willing to pay for drinks, including sodas and juices. Thirteen percent of investors between the ages of 41-50 were willing to accept that charge.
The first extra charge the airlines came up with was baggage fees, and only 8.6 percent of investors said they were more willing to pay for that service. Almost 15 percent of corporate executives and more than 11 percent of business owners accept that charge, and 15 percent of investors with a net worth over $5 million agree to pay for baggage.
Only 7.5 percent of investors are willing to pay for movies on flights, and only 6 percent are willing to pay for snacks. Almost 15 percent of corporate executives accept the charge for movies.
Only 50 percent of investors under 40 and 51 percent of those between the ages of 41 and 50 did not want to pay for any extras on flights.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.