Where, oh where, does your non-essential spending go? About 15% of it goes toward your vacation savings each month – right after money spent dining out.
CIT Bank’s annual Summer Savings Survey, conducted by The Harris Poll, explored how people saved for their vacations.
Follow Ladders on Flipboard!
One in three consumers is winging it when it comes to their vacation and not saving anything at all. That’s changing a little: while only 7% made vacation saving a top priority in 2018, that jumped to 18% in 2019.
People living in the Northeast are the best at saving for vacations, at 71%. The Southwest region scored the lowest, at 58%.
And while they may be young, they like their vacations shockingly posh. Gen Z outspent any other generation when it came to experiences, luxury hotels, relaxation, even first and business class travel. As you can see below, they out-spent every other generation on vacation luxuries.