Inflation remains the top issue for Americans in this year’s election, but it’s also a top concern for people planning vacation travel. Bankrate’s annual holiday travel survey found that 83% of travelers have changed their plans this year due to inflation. “It’s difficult to get 83 percent of Americans to agree, but their plans may still change that way,” he says. Ted RothmanSenior Analyst at Bankrate.
Note that most Americans change their travel plans rather than canceling them. “Not many people want to skip travel completely,” says Rothman. “But what they’re doing is they’re traveling fewer days, they’re choosing cheaper accommodation, they’re using cars instead of planes… those were the three biggest changes. .”
“So people are still traveling, they’re just traveling differently.”
Regardless of whether your trip costs more or less, most of those surveyed (59%) plan to pay for their trip with a credit card. This will add to consumer debt, which is already at record levels. Rothman recommends finding ways to lower prices before spending money. “Many people have amazing amounts of credit card rewards, frequent flyer miles, and hotel points built up… they have real value, so aim to take advantage of them,” he tells KTRH. spoke. “Also, be flexible when planning your trip. You may be able to leave a few days early or stay a few days late.”
The good news overall is that travel prices are not where they were a few years ago when inflation was at its peak. But Rothman believes the cumulative effect of long-term price increases is hitting travelers hard. “Travel prices themselves have stabilized quite a bit, but you just have less money to spend because of all the other costs,” he says.
