Rich people are busy people who like to relax by traveling and eating out, according to a survey sponsored by American Express.
Most affluent consumers (59%) prefer to spend discretionary money on fine dining and travel, rather than buying things. They spent an average $10,060 over the past year on dining, travel and entertainment as well as cultural and sporting events.
Eighty-seven percent expect to spend the same or more on fine dining in the next year and 81% expect to spend the same or more on personal travel.
Only 21% of survey respondents prefer personal luxuries such as cars, clothes and jewelry; 20% prefer home luxuries such as furniture, kitchenware and linens.
“In the real world, affluent consumers aren’t relaxing poolside or eating bonbons. They’re working long hours, juggling personal and professional lives, and are constantly pressed for time,” said Peggy Maher, AmEx’s senior VP-general manager Consumer Charge Card, in a statement.
New York City-based AmEx conducted its Platinum Luxury Survey to mark the 20th anniversary of its Platinum card.
Most (79%) of AmEx’s respondents said fine dining was the No. 1 experience they enjoyed over the last 12 months: Seventy six percent dined out once a month or more at a luxury restaurant and spent an average $5,990 on dining in the past year.
Fully 68% took an average of six personal trips in the past year and spent an average $12,650 during the year. Almost half say they travel to relax and reduce stress. Of the 45% of respondents who used a travel agent or personal concierge to access V.I.P. programs, 70% said the special access enhanced their travel experience.
“Twenty years ago the affluent lifestyle was focused on having and obtaining more material things, but the ‘new’ luxury paradigm finds affluent consumers pursuing new life experiences,” said Pam Danziger, president of Unity Marketing, which conducted the survey for American Express.
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