73% of Americans Have Summer Travel Plans (a Pandemic High) — But Travelers Are Taking Fewer Trips Amid Increased Spending – ValuePenguin

Travel
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more. Citi is an advertising partner.
Here’s yet another sign that people are eager to return to the pre-pandemic normal: Nearly three-quarters of Americans report they’ve made summer travel plans this year, according to a recent ValuePenguin survey of 1,050 U.S. consumers — a huge increase from 53% in 2021. Travelers are also planning to spend more but take fewer trips.
“People have likely been saving up to take major bucket list trips or are now ready to take trips they had planned before the pandemic,” says Sophia Mendel, ValuePenguin credit cards and travel rewards expert.
But although inflation is preventing some people from traveling, fewer who have trips planned say they’ll take on debt to pay for them. Read about summer 2022’s travel trends, including the most popular vacation types, demographic differences and more.
Most Americans are looking forward to summer vacation this year, with nearly three-quarters (73%) reporting they have trips planned — it’s a pandemic high and a 20-percentage-point increase from last year. This includes 84% of parents with small children and 82% of millennials (ages 26 to 41).
However, inflation is putting a wrench in things: More than half of respondents (60%) report that rising costs have forced them to adjust their plans. As a result, 16% say they had to cut back on their number of travel days, while 15% say they changed their mode of transportation due to gas prices. Parents with kids younger than 18 report being affected the most, with 68% saying inflation influenced their planning decisions.
In addition, 30% of consumers say they’re taking fewer trips because of increased costs. While travelers skipped town an average of three times last year, that number dropped to just two this year.
According to Mendel, Americans may feel more comfortable taking trips now because traveling is less daunting than during the first two years of the pandemic.
“For the past couple of years, people were more reluctant to fly and navigate COVID-19 restrictions in various destinations,” she explains. “But now as the transportation mask mandate has been dropped and many countries are relaxing their entry restrictions, the world is becoming accessible again.”
Of course, not everyone is up for travel. Affordability is the primary reason why 57% of non-traveling respondents say they’re not going on a trip this summer. Broken down into age groups, Gen Zers ages 18 to 25 (72%) and Gen Xers 42 to 56 (65%) were even more likely to report they couldn’t afford a getaway this year.
“Travel prices, as well as the general cost of living, are up, so it makes sense that this could seriously impact people’s ability to afford trips this summer,” Mendel says.
Plus, we’re not out of the pandemic: Lingering worries around COVID-19 was the next biggest reason (cited by 35% of respondents) people aren’t vacationing this summer. This includes 4 in 10 baby boomers, the oldest cohort (ages 57 to 76) featured.
Despite taking fewer trips, summer travelers will spend about $2,700 on their vacations this year, up $300 from 2021. High-income earners ($100,000 or higher) are spending nearly double that — close to $5,400.
“Travelers are finally planning to splurge on a couple of major trips they’ve been unable to take during the pandemic and are putting their money toward making the most of those bucket list trips,” Mendel says.
In a spot of good news, the percentage of summer travelers who say they expect to take on debt to fund their vacation went down to 29% for 2022 from 47% who said the same in last year’s survey. The percentage was even lower for older travelers (22% of Gen Xers and 21% of baby boomers).
“I think savings are playing a big part in the fact that fewer people will be taking on debt for their vacations this year,” says Mendel. Because so many people scaled back from major trips over the past couple of years, it’s possible they’ve saved up funds to finally take one this year, she explains.
When asked how they’ll fund their vacations, 56% of travelers say they’re paying with a credit card, while 20% will cash in travel rewards points and miles. Since the majority of people also report they don’t expect to carry any debt, it’s likely consumers are using their cards to earn rewards before paying off their balances in full.
Road trips top the list of vacation plans, with 79% of travelers planning to drive to their destination. Close to half (45%) of respondents say they’ll fly to a destination, up from 40% who said the same last year. (This is despite 15% of travelers reporting they changed their mode of transportation due to high gas prices.)
Hotels and resorts remain the most popular (65%) lodging choices, followed by staying with family (36%) and vacation rentals (22%). Gen Zers are the most likely to stay with family or friends, while vacation rentals are most popular among millennials. Gen Xers are willing to go a bit more rugged — they have the highest percentage among the generations answering campgrounds and RV parks.
Finally, though the vast majority of travelers are staying stateside this summer, 20% are getting their passports stamped for an international trip, with 28% of Gen Zers leading the way.
While the majority of travelers (55%) are sticking to locations they’ve visited before, some intrepid consumers say they’ve booked their trips solely based on recommendations from family and friends (27%). More than 3 in 10 (31%) respondents say they’ve planned their trip around visiting friends and loved ones, while 27% of Gen Zers, the youngest cohort, say they took their travel cues from social media influencers and travel bloggers.
Overall, most people made DIY travel bookings, with only 15% using a travel agent. Perhaps unsurprisingly, parents with young children topped the list of those who sought professional travel assistance (20%).
Nearly a quarter (24%) of people plan to work remotely during some of their travels to avoid taking vacation days. Men are more likely to do so than women (31% versus 17%, respectively), while millennials (34%) take the top spot among the generations. In addition, nearly 1 in 4 respondents who have employer-provided paid time off say they won’t be using their PTO at all this summer.
Mendel worries that the working vacation trend might backfire for some individuals.
“Remote working is still a relatively new concept,” she says. “I think after the summer is over and people have tried out working during vacation, they may find themselves seriously disappointed they didn’t take a proper, non-working vacation while the weather was nice.”
If you’re planning to get away this summer, these strategies can help you save money and enjoy yourself:
ValuePenguin commissioned Qualtrics to conduct an online survey of 1,050 U.S. consumers, fielded April 15-20, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.
We defined generations as the following ages in 2022:
While the survey also included consumers from the silent generation (those 77 and older), the sample size was too small to include findings related to that group in the generational breakdowns.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin’s alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.
Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).
To get an insurance quote over the phone, call: (855) 596-3655 | Agents available 24 hours a day, 7 days a week!
Compare
Company
Advertiser Disclosure: Some of the offers that appear on this website are from companies which ValuePenguin receives compensation. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). The site does not review or include all companies or all available products. For more information please see our Advertiser Disclosure.
Accessibility Statement

source

Be the first to comment

Leave a Reply

Your email address will not be published.


*