High inflation may prompt consumers to change summer vacation plans
This year, summer vacation plans may be changing.
Covid-19 is not to blame. However, prospective travellers may be tempted to alter their plans due to rising inflation.
A majority of adult respondents who plan on taking a vacation in the summer are actually 69%. a survey from Bankrate.com finds.
Ted Rossman is a senior analyst for Bankrate.com and predicts that the need to travel will prevail in the fight between the rising costs of living and the pent-up demand.
According to respondents, the top two changes they might make are taking fewer trips or traveling less.
With 37% of the respondents, beaches are tops on their list. Cities, at 28%, and staycations at 28%, are also popular destinations. While 21% intend to visit national parks and 17% to camp at campgrounds, 14% plans to go to amusement parks, 14% is planning to visit international parks, and 11% wants to cruise.
However, summer vacations are not for everyone.
Adults with an annual income of $100,000 or more are most likely to take a trip, according to 75% of the respondents. 56%, on the other hand, plan to go on a trip for those with less than $50,000.
Children under 18 years old are more likely than parents to book a summer vacation, at 75% vs 61% for parents of adult children and 56% for non-parents.
A higher percentage of younger adults say that they will take a vacation to the summer. This is true for 72% of Gen Zers aged 18 to 25, and 65% for millennials 26 to 41. 61% of Gen Xers between 42 and 57 and 58% for baby boomers between 58 to 76 stated the same.
These plans can change depending on the season. This online survey included 2,676 people and was completed between March 30th, 2011 and April 1st, 2012.
Rossman suggests a few money-saving tips for those who are thinking of hitting the roads.
All prices are high. But, those areas still experiencing less foot traffic because of the pandemic could be more willing to make deals.
Rossman stated, “If you aren’t necessarily tied to any destination,” Rossman suggested.
You shouldn’t take out high-interest credit cards balances that you can’t pay immediately.
Rossman stated that you should consider getting a new credit line if your finances are flexible and you can take on the debt responsibly.
Rossman stated, “There are many good deals right now.”
Bankrate found that 30% of employees with vacation pay will not use more than half this year.
Rossman stated, “That’s an opportunity that was lost.”
You should not leave paid vacation time up for grabs. Instead, look around and find a budget-friendly trip, even if you are only staying for a few days.