What’s your idea of a dream vacation? The answer is likely to depend on how old or rich you are. Learn more about the results of our latest monthly survey.
What’s your idea of a dream vacation? The answer depends on how old and rich you are, according to the results of the latest monthly survey from Spectrem’s Millionaires Corner.
A European tour is the most often-cited dream vacation of high net worth Millionaires – those with $5 million up to $25 million to invest, according to our April survey. An all-inclusive resort is the top pick of less affluent individuals – those with under $100,000 to invest. Older investors were also more likely to favor a trip to Europe, while younger folk preferred an all-inclusive experience.
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Budgetary constraints may help explain the varying definitions of a dream vacation. Close to one-fourth of less affluent investors – compared to 5 percent of high net worth Millionaires – do not plan to take a vacation at all and 36 percent plan to spend less than $2,000 on travel this year. In comparison, more than 80 percent of high net worth Millionaires plan to spend $5,000 or more on vacations in 2013, including 29 percent who intend to spend $15,000 or more.
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More alternative types of vacations – such as a visit to an emerging nation, eco-tourism and service travel – had the highest appeal among single investors and those ages 40 and younger. Older investors and those who are married are more likely to describe a dream vacation as a visit to friends and family.
Least likely to be cited as a dream vacation by both high net worth and less affluent investors are an educational trip (13 percent and 8 percent, respectively) and service travel or a volunteer vacation (6 percent and 5 percent, respectively).