Affluent Canadians (those with investible assets of $1 million or more) expect to spend an annual average of $12,393 on leisure travel (including airfare, accommodation, food, etc.), according to a BMO Private Banking report.
- Wealthy Canadian travelers expect to spend an average amount of $5,665 per trip, compared to the average of $1,800 Canadians overall plan to spend per vacation.
- 65% of affluent Canadians plan to take, on average, three or more vacations this year.
- The vast majority choose to fly economy (83%) rather than first class (16%).
The study also found that upon arriving at their destinations:
- 54% of affluent Canadians stay in a four-star hotel rather than a five-star (29%);
- 41% stay at an all-inclusive resort; and
- 33% stay in a rental unit.
Wealthy Canadians most often travel to the U.S. (74%) or stay within Canada (57%). Half vacation in Europe (49%) while other popular destinations include the Caribbean (39%) and Mexico (27%).
According to the study, winter is the most popular season for travel (70%); more than half vacation during the summer, spring and fall. However, only one in 10 take leisure trips over the Christmas holiday season.
And don’t forget travel insurance. A recent BMO Insurance study showed that needing medical attention while abroad (41%) is one of the top concerns for Canadians and more than one third (36%) have required some form of medical attention while on vacation.