MONTREAL -- American Express Canada says younger Canadians spend more on luxury travel and fashion than any other demographic.
According to statistics from the credit card company, 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 to 2011.
But American Express Canada said Generation Y can be particular about how they spend money during their travels, for example, choosing to fly economy but stay at a top hotel when they arrive at their destination.
The data also found that seniors -- those over 60 -- increased their spending on luxury travel by 52 per cent in 2012.
American Express Canada says spending on high-end fashion will continue to grow in Canada, especially with the arrival of luxury U.S. retailers like Saks.
The credit card company also says it expects Canadian online spending in general to double by 2015.
