Inflation Affecting American's Summer Vacation Plans
Courtesy of our partners at Knowledge of Financial Education (KOFE)
New Survey Shows Inflation Forcing Americans to Change Summer Vacation Plans
Around seven in ten Americans surveyed are changing their summer travel plans due to high prices caused by inflation, according to an April 2022 survey by personal finance site Bankrate.
The Bankrate poll of 2,676 U.S adults found that more than two-thirds (69 percent) of those surveyed said they’re revising summer vacation plans due to higher gas prices and overall inflation. Here’s the breakdown of survey respondents’ summer vacation changes.
As Americans watch the prices of just about everything steadily increase, it’s no wonder that summer vacations are on the cost-cutting chopping block. As of May 4, the national average gas price hovered between $4.11 and $4.34 per gallon, according to GasBuddy. In April, the average “good deal” airfare cost for a round-trip domestic flight was $358, according to Hopper Price Tracker, which monitors national U.S. airfare, hotels and rental car prices.
Even so, 61 percent surveyed say they’ll still travel this summer, with Gen Zers (ages 18 to 25) the most eager (72 percent) to hit the road or head to the airport.
Curious about where and why Americans are cutting back on summer vacation plans? Here’s a roadmap of what’s on the minds — and in the budgets — of summer travelers, according to the Bankrate survey.
Income is a big factor
Around 75 percent of households earning at least $100,000 annually surveyed plan to vacation this summer. But only 56 percent who earn less than $50,000 have summer travel plans.
People with kids more likely to vacation
Three-quarters (75 percent) of survey respondents with children under 18 say they’ll take a vacation this summer vs. adults without kids (56 percent).
Beach vacations top the list
Roughly 37 percent of survey respondents plan to hit the beach this summer. Other summer vacation plans include:
About 48 percent of people surveyed say they’re canceling summer vacations altogether because they can’t afford travel expenses.
Top three reasons for canceling summer vacations
5 Ways to save on vacation costs
1. Book modest to moderate hotels
Sure, it’s more fun to stay at a high-end resort or hotel, but you’ll save hundreds or thousands by booking more affordable accommodations. Take time to shop around, comparing prices at hotels, Airbnbs and other vacation rentals. With the money you save, you’ll have more to spend on dining, sightseeing, entertainment and other vacation adventures.
2. Redeem credit card rewards
If you have credit cards that offer travel rewards, redeem rewards to pay for partial or full costs on airfare, hotels and rental cars. Or redeem cash back rewards for statement credits or gift cards you can use on your vacation.
3. Find free stuff to do on vacation
During summer months, many cities and other destinations offer free outdoor music, art, cultural and other types of festivals. Spend time at the beach or hiking. Visit local parks, museums, monuments and other free or nominal-fee attractions.
4. Check into available discounts
Are you an older adult? Ask about senior discounts. If you’re a student or in the military, find out if any discounts apply on events and attractions.
5. Travel after Labor Day
If it’s possible to postpone summer vacation travel to dates after Labor Day, most hotels drop their rates significantly right after summer.
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