60% Of Americans Plan Summer Travel Despite Inflation

New York, July 30 (Xinhua) — U.S. airports are experiencing record travel volumes, with analysts noting that vacationers intend to spend more on their trips despite higher gas prices, rising interest rates, and increased food costs affecting their everyday spending, according to a USA Today report on Tuesday.

Travel experts indicate that approximately 60% of Americans plan to take a summer trip this year, a figure consistent with last year. However, the same percentage of Americans believe the U.S. economy is in a recession, as per a recent poll.

“A typical American family going on summer vacation is aware of the increased costs, but they are managing to travel by cutting back in other areas or saving for a longer period,” the report stated.

Mike Daher, a longtime travel analyst at consulting firm Deloitte, emphasized this shift in spending priorities. “The fact that people are still prioritizing travel represents a wallet-share shift: they are prioritizing travel, and that’s a structural shift to Americans prioritizing experiences and how they want to spend their time,” Daher said. “The pandemic reminded people that life is short, and they now want to prioritize time with loved ones and new experiences.”

The report also highlighted the impact of rising prices on lower-income families. Approximately 19% of households earning $50,000 or less plan to travel this summer, down from 31% last year.

Furthermore, Expedia’s 24th annual Vacation Deprivation Report revealed that about 32% of Americans do not take any vacation in a given year because they are “too busy.”

This article underscores the resilience and adaptability of American families in maintaining their travel plans despite economic challenges, reflecting a broader trend towards valuing experiences and quality time with loved ones.