NASHVILLE, Tenn. (WKRN) — Now that school is out and the weather is nice, you’re probably itching to get out of town. But, a lot stuff is still expensive.
In our special reports, “The High Price of Fun”, News 2 looks at what inflation is doing to your summer vacation.
Whether your dream vacation is relaxing surfside or living it up in a city, summer seems to be the season of fun.
Travel expert, Ted Rossman, said Americans are ready to dive in. “Slightly more people are planning to travel this year – 63% versus 61% a year ago.”
Rossman is a senior industry analyst with Bankrate.com. His team tracks travel. Although the number of people traveling might be up, his research also shows that inflation weighs heavily on their mind.
“People are tweaking their plans. They’re not abandoning their plans entirely,” said Rossman. “So, they want to go somewhere, they want to do something, but they are going to cut some corners in the process.”
Bankrate stats on summer travel
- 26% of travelers are vacationing fewer days
- 26% are driving instead of flying
- 23% are not going as far from home
- 28% are doing cheaper activities
“These are all some of the common adaptations that people are making,” said Rossman. “We know that there’s a cumulative effect to inflation, too. So while we were starting to notice it last year around this time, I feel this year more people are making cutbacks as a result. But, I think the big theme is that people still want to go somewhere.”
How different generations responded when asked if they are planning a trip
- 76% of Gen Z said yes
- 70% of Millennials said yes
- 62% of Gen X said yes
- 54% of Baby Boomers said yes
The travel bug, even on a budget, seems to have bit Gen Z the hardest.
“I think some of it might be generational too. I think even aside from the pandemic, we see a lot of Gen Z-ers and Millennials craving these kind of social, in-person kind of experiences,” said Rossman.
When Bankrate asked why people chose not to travel this summer, 58% said they cannot afford a vacation, which is 10% more than last year, as inflation sticks around another summer, and ruins some travel plans.
“I think you’d probably have to go back to the early 80s to see inflation this high.”
Bankrate also notes many people are still sitting on a good pile of credit card points from the pandemic. Tapping into those can help offset inflation for your summer trip.