The weekend is too short and gas prices are too high, say investors who are not going to travel over Memorial Day weekend.
Memorial Day signals the beginning of summer for many people, and one favorite summer activity is travel.
AAA estimates that 36.1 million Americans will take a trip of 50 miles or more during the Memorial Day weekend, an increase of 1.5 percent from the estimated total of a year ago. Eighty percent of those traveling Americans will get to their destination by driving.
However, a Spectrem’s Millionaire Corner survey of affluent investors reveals that only 28 percent plan to travel on the Memorial Day weekend which for most begins on Friday, May 23 this year.
The most likely investors who will travel during the holiday weekend are males (30 percent), the wealthiest investors with a net worth of more than $5 million (41 percent), investors who are still working (32 percent), corporate executives (43 percent) and investors between the ages of 41-50 (36 percent).
The least likely investors to travel over Memorial Day weekend are females (25 percent), investors with a net worth under $1 million (with a range between 22-25 percent depending on net worth level), retired investors (22 percent), business owners (24 percent, perhaps because business owners want to take advantage of traveling citizens), and investors over the age of 60 (24 percent).
Among the 72 percent of investors who are not traveling over the holiday, their reasons vary, from preferring to stay close to home (33 percent), saving for a summer trip later in the season (21 percent), a too short a weekend for travel (12 percent), nowhere to go (12 percent) and gas is too expensive (9 percent). Three percent of investors are staying home to attend graduations of one kind or another.
Forty percent of business owners say the prefer to stay close to home, while 16 percent of unmarried investors claim there is nowhere to go. Seventeen percent of Investors with a net worth under $100,000 said the cost of gas was prohibitive.
Gas prices are expected to be in the $3.60 to $3.64 per gallon range on average throughout the United States, which is one penny either way from the averages for 2012 and 2013, according to AAA.