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Amex Survey Finds Consumers Still Plan on Traveling
Published on: January 27, 2010
The "American Express Spending & Saving Tracker," the fifth in a monthly series, found that this year consumers are most focused on their financial well-being, and are approaching the year with an optimistic but prudent financial outlook. In fact, nine in 10 (89 percent) of the general population have set a clear financial goal for the year and 83 percent have a specific savings strategy in place, with a goal of saving on average $14,000. This is an ambitious goal, given that it accounts for approximately 22 percent of their household income.
Travel remains on their radar, however. It tops the list of pursuits consumers rank most valuable to their livelihood and well-being with 72 percent, ahead of home entertaining with friends or family (66 percent), and dining out (60 percent). Therefore, even in the midst of their pledges to become fiscally fit, a number of consumers will continue to travel rather than eliminate it from their budget. “Given how important travel is to consumers, it’s no surprise that they plan to find ways to get away this winter,” said Pamela Codispoti, American Express senior vice president and general manager, Cardmember Services. “The combination of travel deals and discounts and the ability to use rewards points to offset the cost of trips is allowing consumers to both reign in spending and continue to travel.”
Thirty-one percent of the general population plans to take a vacation between now and the end of March and more so among affluents (51 percent) and young professionals (54 percent). Two in five (42 percent) young professionals have plans to take weekend trips this winter, and approximately one-fourth (23 percent) of affluents intend to take week-long trips between now and the end of March. Among all those scheduling a winter vacation, an average of two trips is planned. More than four in five (84 percent) of the general population will limit their journeys to the United States during the first three months of the year. For more information, visit www.americanexpress.com.
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