AFFLUENT PARENTS SPEND MORE THAN DOUBLE ON TRAVEL WITH CHILDREN VS. WITHOUT, AMERICAN EXPRESS SURVEY FINDS
American Express Platinum Luxury Survey Also Finds Two-Thirds of Children Age 17 or Under Have Traveled Internationally
New York, October 26, 2006 -- Affluent parents share a passion for travel and are passing it along to their children at an earlier age than ever before, according to the Third Annual American Express Platinum Luxury Survey. More than two-thirds of affluent parents (68 percent) say they planned three vacations with their children in 2006 with a total expenditure of $10,067 – more than double the average annual expenditure by affluent parents for vacations taken without children ($4,524).
The survey, which included 1,170 respondents with an average of two children and an average household income of $472,000, also revealed that children are being given a view of the world at an earlier age than their parents. According to respondents, 68 percent of children age 17 or under have traveled internationally, compared with parents, who, on average, said they made their first international trip at age 19. Thirty-two percent (32 percent) of parents also report their children have traveled in first or business class.
“Travel is a top passion among affluent parents and they want to share their passions with their children to ensure they are culturally aware and well-rounded,” said Simon Kahn, vice president of American Express Platinum and Centurion Product Management, American Express. “For example, we are hearing increased interest from our Cardmembers asking their Platinum Travel Counselor for vacations that are focused on gaining knowledge, perspective and cultural exposure.”
In fact, travel trailed only physical fitness as a top hobby or interest about which affluent parents were most passionate. When looking at spending patterns among all top “passions” cited by respondents, travel actually topped the list at an average of $13,304 per year.
The World at Your Feet…Make Vacation Planning Easy with the Right Travel Partner
Making it easier than ever for affluent parents to enjoy their passion for travel with their children are the exceptional benefits and services offered on the American Express Platinum Card®. The Card offers a wide range of travel-related programs, including Platinum Travel Service – a 24/7, full-service travel agency dedicated to meeting every travel need. For example, through Platinum Travel Service, Cardmembers can take advantage of the International Airline Program, which provides a complimentary companion ticket with the purchase of a full-fare first or business-class ticket on any of 18 participating airlines – ideal for families traveling oversees. To help accommodate families' increasingly busy schedules, Cardmembers receive the flexibility of a fully refundable ticket – with no blackout dates or cancellation fees – when booking a ticket using the International Airline Program.
Through Platinum Travel Service, Cardmembers also can take advantage of the Fine Hotels & Resorts program, which entitles them to special amenities such as room upgrades and guaranteed late check-outs at more than 500 of the world's finest hotels and resorts. For parents looking for a more secluded hideaway -- with the kids or without -- Platinum Villas offers a broad selection of private home and villa rentals in locations around the world. And, when booking a Villa property, Cardmembers receive a complimentary amenity valued at $500, such as one free night during a seven-night stay, a spa credit or theater tickets (varies by property).
Other travel programs available through Platinum Travel Service include Platinum Destination® Vacations, which offers one-of-a-kind travel experiences, plus Cardmembers receive 25,000 Membership Rewards bonus points when booking their vacation. For those whose destination is the open sea, Cruise Privileges offers a number of special amenities when booking a cruise vacation on any one of eight cruise line partners, including a two-category stateroom upgrade or a $300 shipboard credit.
In addition to Platinum Travel Services, Platinum Cardmembers have access to a number of other valuable benefits and services that can make it especially easy for parents to plan an enriching vacation experience with their children, such as Platinum Concierge, a team of professional consultants who can help accommodate requests for local city and cultural information, tickets to events, tour information and referrals, and international cell phone rentals.
The Platinum Card offers more than 40 distinctive travel, retail and lifestyle benefits and services. For more information about the Platinum Card, visit www.americanexpress.com/platinum.
About The American Express Third Annual Platinum Luxury Survey
The Third Annual American Express Platinum Luxury Survey was a quantitative survey conducted in June 2006 among a random cross-section of 1,170 affluent consumers in the U.S. Relevant facts of the survey include:
- Survey responses were drawn from a national sample, including 26% from New York, 32% in Los Angeles, and 42% from the rest of the country.
- Respondents had an average net worth of $4.3 million and an average household income of $472,000.
- Ninety six percent of respondents were married, had an average age of 47 and averaged two children per household.
Those surveyed had to report a household income of at least $150,000 and fall in the age range of 30 to 59 to be considered. Respondents were not required to be American Express Card members to participate.
The American Affluence Research Center conducted the survey on behalf of American Express.
About the Platinum Card from American Express
Launched in 1984, the Platinum Card from American Express was the first of its kind in the market and is designed specifically to meet the needs and desires of the affluent consumer. For more than 20 years, American Express has continued to evolve and enhance the Card by adding new benefits and services to meet the changing needs of customers. Today, the Platinum Card offers more than 40 distinctive benefits and services, including: airport club access, special amenities such as room upgrades and guaranteed late check-outs at more than 500 of the world's most luxurious hotels and resorts; VIP shopping benefits, including access to private sales and dedicated personal shoppers at top luxury retailers; and access to once-in-a-lifetime "By Invitation Only®" experiences from a Zero Gravity flight with astronaut Buzz Aldrin to on-stage seating at a Rolling Stones concert. Platinum Card members also enjoy a superior level of personal service through the Platinum Concierge and Platinum Travel Service. The Platinum Card also provides Card members with the financial securities and protections that are synonymous with the American Express brand and reputation.
About American Express Travel
American Express Travel is the largest travel agency in the world, committed to delivering superior quality, expertise, value, 24/7 service, and the choice and flexibility to plan and book a trip online, by phone, or in-person. Recognized as one of the most trusted brands for travel, American Express works with the industry's most qualified travel agents, including its own network of travel offices worldwide; and has developed strategic partnerships, preferred supplier relationships and a strong global infrastructure. American Express Travel is a market leader and innovator dedicated to providing unparalleled service whether for everyday travel needs, or customized luxury travel experiences for customers, with added benefits and value for American Express Cardmembers.
About American Express
American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.
