Affluent Generations and Their Travel Plans
This Insights brief continues our focus on the different generations of affluent adults — those adults (age 18+) living in households whose household incomes begin at $75,000 (the top 34 percent of all U.S. households) and range to $500,000 or more — this time by looking at the differences in their travel plans.
Clear skies, open roads, and smooth seas appear to be ahead for the travel industry, as most affluent consumers are planning pleasure trips and vacations. However, while they’re all packing, generational differences play a key role in how they travel, as Boomers prefer cruises more than their younger counterparts, and more Millennials opt for trips outside the United States than the others.
As to where they’re going, Gen-Xers are more likely to plan ahead, with Florida as the favored domestic destination, while Hawaii leads the way for Millennials, and Nevada tops the Boomers’ list.
How to get there domestically also varies, with commercial airlines the number one choice, although Gen-Xers prefer other transportation.
Internationally, Europe is the prime destination for all, with France and England the favorites.
And the good news continues when it comes to expenditures, with Millennials’ planned spending at $6,200 on domestic travel (well above the overall average), and Gen-Xers planning to spend $8,500 on international sojourns.
All in all, the lure of travel for the affluent is alive and well, giving everyone in the travel industry a reason to smile.