A recent survey from BMO Private Banking shows that high net worth Canadians (i.e., those with investible assets of $1 million or more) spend an average of $12,393 on leisure travel annually, with the average trip costing $5,665. These numbers include all travel expenses such as airfare, hotel, food, etc.
In early March, Pollara contacted more than 1000 wealthy Canadians and inquired about their holiday travel plans. They indicated that they expect to take an average of three or more vacation trips this year; 29% will stay in a five star hotel, while 54% said they would make do with four star accommodations.
Asked where they plan to go (respondents could give more than one answer), 74% said they were going to visit the United States, 57% said they would travel in Canada, while 49% were going to holiday in Europe. Other popular destinations were the Caribbean (39%) and Mexico (27%).
As for when they prefer to travel (again, respondents could give more than one answer), 70% said they like to travel during the winter, while more than half will take a vacation during the summer, spring and fall. Just one in ten intend to take leisure trips over Christmas.