Americans sure do love to travel. In fact, recent research shows that U.S. travelers will spend more than $100 billion on summer vacations for the second year in a row.
But who spends the most on travel? A new survey endeavored to find out, revealing that, seven in 10 Americans spent money on travel, the biggest spenders were in Los Angeles.
Trim, a company that helps people manage personal finances, looked into the spending habits of U.S. travelers, noting that how and what they spend their money on.
While the study revealed that most Americans made travel purchases in the last year, it also found that, of those, 56 percent spent money on hotels, 44 percent purchased airfare, 22 percent rented a car and 2 percent spent money on a cruise.
Trim also studied spending by state. Results showed that Americans living in urban areas spent the most on travel and those living in California, Colorado, Arkansas, Connecticut and Massachusetts spend the most-25 percent more than those residing in other states.
The top cities for travel spend included Los Angeles, where travelers spend an average of $3,400 annually. San Francisco is a close second. Travelers there spend approximately $3,200 annually. In Seattle, residents spend about $2,600 annually. Houstonians spend $2,100, and New Yorkers spend $2,000.
Trim also broke down its results by age group. The big spenders straddle Gen-X and Millennial generations, ages 35-44 years old.
Younger travelers spend the least. Those between the ages of 18-24 spend $620 per year, and those ages 25-34 spend around $930 annually.
While travelers between the ages of 35-44 years old spend the most at approximately $1,300 annually, older travelers spend just slightly less on average. Those ages 45-54 spend approximately $1,236 and travelers ages 55-66 years old spend $1,264.
People with higher incomes and better credit scores were likely to spend more on travel. Those with an average income over $150,000 spent more than $3,200 annually on travel and those making under $30k per year spent about $300 on travel.
Those with an excellent credit rating spent about $1,700 and poor credit scores yielded travel spending of less than $500.
Trim looked at travel data from user transactions between April 2017-April 2018 and included money spent on airlines, bus and train stations, car and truck rental, cruises and lodging.
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