Wealthy Parents Spend 2 times More on Vacation with Kids

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 [in] 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.