Affluent interest in summer vacations has hit a new high, buoyed by the strengthening economy and a broader trend toward experiences, according to our April 2015 barometer. Sixty-three percent of Affluents (defined as the ~25% of adults with $100,000 or more in annual household income, or HHI) are planning a trip this summer, the highest figure in the four years we have been producing a summer travel outlook. Intentions are even higher among more elite consumers - 72% of Ultra Affluents ($250K+ HHI) are planning a vacation this summer.
If you've ever seen "Sesame Street," you're probably familiar with the way it explores commonalities by showing a group of pictures wherein "one of these things is not like the other." For example, you might see two land mammals and a fish, so, of course, you might think that it's the fish that's out of water.
Clear skies, open roads, and smooth seas appear to be ahead for the American travel industry and related affluent product categories (designer clothing, sporting equipment, etc.), as most affluent consumers have been planning pleasure trips and vacations. However, while they're all getting ready to pack, 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 more mature generations.
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