Americans Are Skipping Vacations To Pay For Essentials Because of Inflation
Americans are cutting back on spending this year and many say they can’t even afford a vacation because of inflation. According to a survey commissioned by Outdoorsy, an RV rental marketplace, 56% of Americans believe they can’t spend any extra cash on a getaway due to inflation, Talker News reports.
Although many adults are less than hopeful, 58% have been setting aside money for a possible vacation and 70% are still planning to go on a trip. Talker News noted that about half have a budget set up, averaging $1,237, specifically for summer vacations.
“Inflation is an ever-present variable in the travel consumer sector. Travel trends are typically reflected in people’s spending habits,” said Jeff Cavins, co-founder and CEO of Outdoorsy, in a statement.
Approximately 32% said they’re scaling back vacation spending and 56% said they were successful in planning a vacation with a restricted budget. To save money, Americans are planning to spend less on attractions (40%), lodging (40%) and clothing (39%). Fifty-eight percent said they plan to vacation closer to home this summer because of inflation and rising gas prices.
To save even more money, 43% said they’ve also considered vacationing with a group of friends; however, going out to restaurants (30%), visiting free attractions (28%) and traveling by vehicle (28%) are “vital to have, no matter the budget.”
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“While other vacation types have seen dramatic rises in cost over the past year in line with inflation, our average RV rental trip price has only gone up $5 over last year, representing a .28% increase,” said Cavins. “Compare this to a 40% increase in hotel prices YoY, and you can see why we believe road trips are more insulated from inflation and also still a very affordable vacation option for those looking to keep their summer vacation plans intact.”
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