NEW YORK -- Although more than a third of affluent Americans have
cut back on discretionary spending, many still plan to travel.
That is among the conclusions of the Spring 2003 Survey of
Affluent Americans, the third in a series of semi-annual reports
conducted by the American Affluence Research Center.
The survey, which focuses on the approximately 10 million
households that represent the wealthiest 10% of all U.S.
households, is based on 335 respondents whose average annual
household income is $286,000 and an average net worth is $2.5
million.
Among the survey's findings is that the number of affluent
Americans who plan to take a cruise in the next 12 months is 8%
higher than six months ago. Demand especially is strong in the
central U.S., where 20% of respondents said they plan to cruise in
the next 12 months.
The study examines 15 ways affluent Americans can spend their
money. Categories include entertainment, dining, home furnishings
and apparel. Seventy-seven percent of respondents said they
generally will be spending the same or more across all categories
compared with last year.
Domestic vacation travel and recreational activities that might
include travel are two categories where respondents said they will
spend the same or more than the average spending for all
categories.
One sour note for the travel industry: Spending for
international vacation travel comes in dead last among the 15
categories.