Consumers Say Thanksgiving Spending to Match Last Year Levels, Travel Plans Likely to Scale Back

American Express Spending & Saving Tracker Assesses Shifts in Consumers’ Holiday Spending

NEW YORK--(BUSINESS WIRE)--With the holiday season almost upon us, a new survey from American Express (NYSE: AXP) reports that 30 percent of U.S. consumers plan to adjust this year’s travel plans for Thanksgiving – historically one of the busiest travel days of the year – but only 21 percent expect those expenses to decrease compared to last year.

Today’s American Express Spending & Saving Tracker is the second in a monthly series of reports about consumers’ views on the economy and what is motivating them to spend and save. The research sample of 2,009 adults included the general U.S. population1, as well as two sub-groups – the affluent2 and young professionals3.

Respondents whose plans are changing said they’ll rely more on automobile travel, stay for a shorter time and cash-in rewards to help pay for holiday trips. The most significant changes are from the young professionals – 37 percent said they’ve adjusted their plans versus the affluent and general population (both 30 percent).

• Nineteen percent of the general population who travelled last year will be staying home in 2009.
• More than one in ten (11 percent) young professionals indicated they intend to drive as opposed to fly, compared to 7 percent of the general population and 6 percent of the affluent.
• Eight percent of young professionals intend to stay fewer days for the Thanksgiving holiday weekend, compared to the affluent and general population (both three percent).
• Seven percent of the young professionals are using rewards points, miles and special offers to off-set the cost, versus four percent of the affluent and three percent of the general population. (more)