American Express Company : School's Out... Now What?
06/28/2012| 01:15pm US/Eastern
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The Cost to Keep America's Kids Busy this Summer is $16.6 Billion
As the last school bells ring, the latest American Express Spending
& Saving Tracker finds families will ring up $601
per child on average to keep kids busy with summer activities like camp
and summer classes. The majority of American families with summer
activities planned for their children (76%) say this cost is similar to
or has increased since 2011. Among affluent families the average
per-child spend nearly doubles to $1,116.
For the full report and more Spending & Savings Tracker surveys,
click here.
Approximately 28 million families in the U.S. (with children under the
age of 18) expect to shell out hundreds of dollars on kids' activities
this summer. This equates to a total of at least $16.6 billion dollars
to keep American kids entertained, exercised and educated during the
summer months.
"Between sleep-away camps, swim clubs, and sports that ramp up between
June and September, summer expenses can add up," says Claire Bennett,
EVP Loyalty & Membership Benefits, American Express. "The six and-a-half
hours now free each weekday requires special seasonal purchases--and
some thoughtful planning--in order to keep kids engaged between the
school years."
What's On the Kids Summer Expense Reports?
From day trips to sports practice and finding ways to keep growing
brains sharp, there's no shortage of activities to keep kids from
claiming boredom this summer. The top five activities and anticipated
average dollar spend, per child, include:
|
Rank
|
|
Summer Activity
|
|
Avg Cost Per Child
(Gen Pop)
|
|
Avg Cost Per Child
(Affluents)
|
|
1
|
|
Day Trips (i.e. Theme Parks) - 63%
|
|
$208
|
|
$341
|
|
2
|
|
Sports Participation - 34%
|
|
$180
|
|
$262
|
|
3
|
|
Educational Activities - 26%
|
|
$139
|
|
$204
|
|
4
|
|
Pool and Club Memberships - 24%
|
|
$121
|
|
$246
|
|
5
|
|
Day Camps - 21%
|
|
$219
|
|
$433
|
Parents also plan to spend a significant amount on
babysitting/childcare, averaging $433 per child ($642 for Affluents) as
well as Sleep Away camps (avg $252 by general population and $457 for
Affluents).
With summer underway, the kids don't have to have all the fun. American
Express Cardmembers with Membership Rewards earn points for virtually
every dollar they spend on their card, and can earn bonus points by referring
a friend for a card. Cardmembers can redeem the points for their own
summer fun, like shopping, entertainment and even put them towards a
trip (without the kids!).
The American
Express Spending & Saving Tracker research was completed online
among a random sample of 2008 adults, including the general U.S.
population, as well as two sub-groups--Affluents and Families.
Interviewing was conducted by Echo Research between June 5 and 8, 2012.
Overall the results have a margin of error of ± 2.2 (or ± 3.9 among
Affluents and ± 3.2 for families) percentage points at the 95% level of
confidence.
Affluents are defined as having a minimum annual household income of
$100,000.
Families are defined as having children (under 18) in household
About American Express
American Express is a global services company, providing customers with
access to products, insights and experiences that enrich lives and build
business success. Learn more at www.americanexpress.com and
connect with uson www.facebook.com/americanexpress, www.twitter.com/americanexpress and www.youtube.com/americanexpress.
American Express
Melanie Backs
(212) 640-2164
melanie.l.backs@aexp.com
or
Ogilvy
Public Relations
Anne Norcia
(212) 880-5311
anne.norcia@ogilvy.com
© Business Wire 2012
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