According to a recent survey by Bankrate, more than a third of Americans are opting out of summer travel this year. This is an increase from last year, with 58% of American adults who are not going away citing financial constraints as the main reason for canceled plans.
Survey Shows Americans are Opting Out of Summer Travel
The survey also revealed that the majority of those who are taking a vacation are still making changes to their travel plans. Eighty percent of vacationers are making money-conscious changes, such as using credit card rewards, frequent flyer miles, and hotel points to offset travel costs.
Financial Constraints the Main Reason for Canceled Plans
Ted Rossman, a senior industry analyst at Bankrate, noted that high inflation and tight budgets make it a perfect time for travelers to take advantage of these rewards, which represent real value. Rossman recommends that travelers should use their rewards before they lose them, as rewards do not get more valuable over time.
Money-Saving Strategies for Those Who Do Travel
For those still planning on traveling this summer, the survey found that 29% of travelers will be selecting less expensive accommodations, while 28% will choose cheaper activities. Additionally, 26% will go away for less time, and 26% will choose to drive rather than fly. Some are simply choosing to stay closer to home, with 23% opting for a staycation.
Aside from financial constraints, 11% of people surveyed cited not being able to take time off work as a reason for not traveling. Ted Rossman recommends that Americans take some time off to recharge, even if they cannot afford to travel. He suggests playing tourist in the local area or simply staying home and relaxing. Rossman advises that travelers do not need to bust their budget to have a good time and break from their daily routine.
