Winnipeg Free Press - PRINT EDITION

Young Canadians selective when they splurge, study finds

  • Print
A survey by American Express found younger Canadians spend more on luxury travel and fashion.

RICHARD DREW / THE CANADIAN PRESS Enlarge Image

A survey by American Express found younger Canadians spend more on luxury travel and fashion.

MONTREAL -- Younger Canadians spend more on luxury travel and fashion than any other demographic, but selectively choose what they splurge on, says American Express Canada.

Generation Y -- which include those born after 1983 -- had an 89 per cent increase in luxury travel spending and a 13 per cent increase in luxury fashion spending in 2012 compared with 2011, say data from the credit card company.

They could be spending more money because they are just starting their careers, but they target their luxury spending, said Jennifer Hawkins, vice-president and general manger for merchant services with the company.

"For example, they may choose to fly economy, but when they arrive at a holiday destination they really put money aside for things such as fine dining or a fantastic hotel experience," she said.

The credit card company looked at members' spending on luxury fashion, travel and lodging, ranging from purchases of designer clothing to vehicles.

According to the data, seniors -- those over 60 -- increased their spending on luxury travel by 52 per cent in 2012.

While luxury travel is growing faster than luxury fashion and lodging, Hawkins said all age groups were selectively spending on luxury purchases that are "meaningful" to them.

American Express Canada said luxury spending is expected to continue to grow in Canada, helped by the arrival of luxury U.S. retailers such as Saks. It expects online spending in general to double by 2015 to $12.5 billion.

A recent online poll by the Bank of Montreal found Canadians were planning to save almost $10,000 this year, but 66 per cent said they were tucking the money away for vacations, luxury items and entertainment.

 

-- The Canadian Press

Republished from the Winnipeg Free Press print edition July 31, 2013 B6

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

O'Shea says the team is going to stick to the plan after first loss

View more like this

Photo Store Gallery

  • Two baby tigers were unveiled at the Assiniboine Park Zoo this morning, October 3rd, 2011. (TREVOR HAGAN/WINNIPEG FREE PRESS)
  • Carolyn Kavanagh(10) had this large dragonfly land on her while spending time at Winnetka Lake, Ontario. photo by Andrea Kavanagh (mom0 show us your summer winnipeg free press

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google