October 21, 2024, 3:10 PM IST
US consumers are planning shorter winter trips due to continued inflation. The survey shows that 86% of households earning less than $100,000 will change their plan.
American consumers are planning shorter winter trips and booking cheaper accommodations in a sign of how years of inflation continue to take a toll on family budgets.
Among households earning less than $100,000 a year, 86 percent say they will change their usual vacation plans this year, according to a survey released Monday by personal finance website Bankrate. More than three-quarters of those earning $100,000 or more do the same, the September survey of roughly 2,500 American adults found.
The pace of inflation has slowed, but years of skyrocketing costs are putting a strain on vacation travel budgets, Ted Rossman, senior industry analyst at Bankrate, said in a statement. Roughly four in five travelers said they plan to make changes to cut costs, up from 77% last year.
“The cumulative effect is the big problem,” Rossman said. “A few years of paying more for everything from housing to food, gas and discretionary items erodes savings and increases debt.”
Nearly a third of those making changes expect to travel fewer days this year, and nearly as many are choosing cheaper destinations or accommodations. More than one in four plan to drive instead of flying, and 25% say they will plan activities that cost less.
“They don’t want to skip the trip entirely, but they’re willing to make adjustments that keep costs down,” Rossman said.
