New survey finds that four in five people say their summer plans have been affected by rising costs.
Almost three-quarters are dipping into their vacation budget to help pay for other bills.
NEW YORK — Americans are planning to be thrifty on their next summer vacation, as most fear they won’t be able to afford their getaway due to inflation.
Over half of the 2,000 adults surveyed (56%) don’t believe they can pull the trigger on vacation plans this year because of rising costs. Even so, that’s not enough to stop them from trying, as 58 percent have been saving and setting aside more money to keep their vacation hopes afloat.
Reaffirming the busy travel season that lies ahead, almost 70 percent are still planning to hit the road this year despite possible budget woes.
Vacay budget facing inflation danger
The study, commissioned by Outdoorsy and conducted by OnePoll, finds that half have a budget set up specifically for summer vacations, averaging $1,237. Four out of five of those with summer travel budgets say their plans have been impacted by inflation. Nearly three-quarters (72%) are having to dip into their vacation budget to make ends meet elsewhere.
The average American has had to cut their general spending by 33 percent because of inflation, and many add they’ve had to cut their spending on shopping (43%), entertainment (40%), and vacations (36%) the most. One in three (32%) would rather scale back their vacation plans to stay within a smaller budget than not have a vacation at all. Fifty-six percent say they’ve been successful in planning a vacation around a smaller-than-usual budget.
To save money, vacation-goers are planning to spend less on attractions (40%), lodging (40%), and clothing (39%). Nearly six in 10 (58%) also plan to vacation closer to home this summer to beat out inflation and rising gas prices.
Some parts of vacations, however, are never going away! Respondents say going out to restaurants (30%), visiting free attractions (28%), and traveling by vehicle (28%) are “vital to have, no matter the budget.”
“While many vacation types have seen dramatic rises in cost over the past year in line with inflation, RV rental prices have remained relatively flat year over year,” says Jeff Cavins, co-founder and CEO of Outdoorsy, in a statement. “Compare this to a 40 percent increase in hotel prices YoY, and you can see why road trips are more insulated from inflation and remain a very affordable vacation option for those looking to keep their summer vacation plans intact.”
(Vacation) strength in numbers
Half of respondents noted they always rent vehicles while on vacation to save money (52%). Of those, 49 percent prefer to rent something just as luxurious or economical as what they have at home. Nine in 10 prefer to rent something they can easily sleep or stay in rather than book a hotel.
In an effort to make travel more budget-friendly, 43 percent said they’ve also considered vacationing with a group of friends to help save money.
There’s plenty to look forward to this vacation season and respondents say they’re most excited about traveling this year because it will allow them to spend time with their families (57%), see new places (55%), make memories (55%), and get some much-needed time to themselves (52%).
“RV vacations are great for consumers’ pocketbooks in the current financial climate,” Cavins says. “A study conducted by CBRE Hotels Advisory Group found that RV vacations cost much less than other types of vacation travel, even when factoring in fuel prices and the cost of RV ownership.”
“Many families who are concerned about shifting gas prices don’t realize they can also get an RV delivered to a campsite or destination of their choice — easily creating their own low-cost, luxury hotel room under the stars.”
I am an American who has been living and working in Vietnam for the past 21 years. Except for the past two years I have returned to the Midwest and the West Coast annually to visit friends and family.
When I read that the average American spent $1200 on the annual vacation, I couldn’t muster up much sympathy. My airfare alone approaches $2400.00. And then the real spending starts! Hotels. Rental cars. Dining out. Shopping.
I just retired and I have to be cautious with my spending. But how can a value be attached to the happiness of seeing one’s children, siblings, and friends?
And I find that getting away from the daily routine helps revive my spirits.
Seems very appropriate to finger blame on the people in charge. Baseball teams fire managers all the time, even though they’re NOT on the field, yet IS responsible for the team/record, etc. Seem very obvious to me the right gets blamed if the sun doesn’t come out. They are much like the Generals, the team the Globetrotters ALWAYS played, and beat up on. They were foils for the games. In the NFL when a guy does something physical it’s AlWAYS the other guy responding that gets not only caught BUT flagged. So the liberals fire off story after story, telling America “it’s all on Trump and Republicans” and that’s it. They then follow that up with more and more lies. This mess is all on demented old Joey Bagadoughnuts PERIOD
I work closely with the RV industry. During the pandemic, RV’s were highly sought after, and dealership lots were empty. As soon as an RV would hit the dealership it was sold. Now, I’m seeing many RV’s on the lots. Also, RV parks are starting to thin out and it’s rather easy to find a spot now as compared to the pandemic. So anecdotedly, it appears that the pandemic demand for RVs is starting to mitigate.
“Nine in 10 prefer to rent something they can easily sleep or stay in rather than book a hotel.”
You lost me right there.
It’s probably a good thing. Don’t travel for a summer. Stay home stop buying so much crap and the prices will come back down. If noone does anything because of prices, companys will react. They will start lowering prices, that’s how it works ppl. Yeah you will be bord but your either Gona spend stupid amounts or save stupid amounts and have a even better vacation next year or in the winter go somewhere warm.
Fear I can’t afford a vacation? I know I can’t. Hotels are up 75% a night where I want to go and rental cars are $125 a day when they were $50 a day a few years ago. I didn’t bother checking airfare.
So will 44% of American’s enjoy vacation destinations experiencing smaller crowds, shorter lines, less delays in travel?
Thanks to Bidenflation….
FJB
Lets go Brandon
Really? So American’s can’t afford a vacation? I am a 59 year old male. Worked hard all my life. The idea of a vacation. I have never had one! Some of us American’s have missed the so called greatness of this United States! An most likely I will never have a vacation!
We are enjoying free or local concerts and events. Ourvown backyard to be outside friends taking turns for a backyard event. Being thats going to be nice for us. We look farmers markets and festivals too.creative. Don’t even want to sleep in a hotel. Gas is too high. A nice evening out atvanew resturant. Family from closevstates visiting and stay with us and visa versa
We are enjoying free or local concerts and events. Ourvown backyard to be outside friends taking turns for a backyard event. Being thats going to be nice for us. We look farmers markets and festivals too.creative. Don’t even want to sleep in a hotel. Gas is too high. A nice evening out atvanew resturant. Family from closevstates visiting and stay with us and visa versa
Money and political power control the world. We are obviously living in a financial downturn and need to repel or adjust. My heart doesn’t bleed because I can’t take a vacation. I’ll adjust and have more money in the future.
It’s not due to inflation… It’s due to the policies of the President. One man ruins it all.
The Fed chose to print boatloads of money, so yeah we have an inflation problem. It devalues the dollar. Biden chooses to leave those in power in the Fed, so he is enabling this. You are right about his terrible policies helping to really torpedo the economy. We are sending a ton of money to Ukraine when we already have problems with food affordability and availability of baby formula. The formula crisis is only the beginning of the shortages we’ll see this year. That should concern us all a lot more than being able to take vacations. I also read last night that we’re sending so many missiles to Ukraine that our supply is getting low. Really stupid administration we have right now.