A study of affluent
Americans, conducted by the American Affluence Research Center
(AARC), confirms the importance of travel to Americas wealthiest
citizens.
The survey includes
a national sample of men and women in 412 households that are among
the wealthiest 10% in the country. Of the group surveyed, the
average household income was $329,000 and the average net worth was
$2.7 million.
According to the
survey, during the closing months of 2004, more than one in four
(26%), or about six million, affluent Americans will be vacationing
outside the continental U.S.
What is more, two
in five (40%) of those in the survey whose net worth was at least
$6 million said they plan to vacation outside the U.S. by years
end.
The average
year-end vacation duration will be 11 days, and the estimated
expected cost of the vacation is $6,800 (excluding gambling and
shopping), or more than $600 per night. The most popular
destinations named for the year-end vacations were Europe (43%),
the Caribbean (22%), Canada (14%), and the Far East/Asia
(13%).
The research also
suggests that travel will be even stronger next year among these
affluent Americans. Nearly three times as many survey respondents
said they will be spending more on travel domestically over the
next 12 months than those who said they will be spending less (28%
vs. 10%). And three-quarters of those polled (77%) said they will
spend about the same or more on international travel over the next
year.
Art Pfenning is
the research director for Northstar Travel Media, Travel Weeklys
parent company. For information on how research can help your
business, or if you are interested in having NTM Research conduct
your next project, contact Pfenning at [email protected].