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Inflation to curb holiday travel plans


Higher costs are already disrupting Americans’ holiday travel plans just 50 days before Thanksgiving. 

A latest survey by Bankrate found about eight in 10, or 79%, of individuals polled are changing their plans attributable to inflation and rising prices. The patron financial services company said 43% of US adults who answered are planning to travel this holiday season.

About 26% of respondents said they might travel for fewer days, followed by engaging in inexpensive activities or choosing cheaper accommodations and destinations (25% each), taking fewer trips (24%) or traveling shorter distances (23%).

Rising airfare and gas prices were amongst the foremost aspects for the change in holiday plans. 

Roughly 23% of respondents said they might drive as an alternative of fly to their holiday destinations, while 12% said they might fly as an alternative of driving. 

Around 22% of respondents said they might use gathered bank card rewards points, miles and other loyalty programs to fund their holiday travel. 

In accordance with the latest consumer price index published by the Bureau of Labor Statistics, airline fares rose 33.4% and gasoline prices climbed 25.6% from August 2021 to August 2022. Lodging away from home, including hotels and motels, was up 4.5% throughout the period. 

One other key think about decision-making was household income.

Bankrate’s survey found that 86% of holiday travelers with annual household incomes under $50,000 will change their plans attributable to inflation and rising prices, in comparison with 79% of holiday travelers making between $50,000 and $79,999, 77% making between $80,000 and $99,999 and 70% earning $100,000 or more. 

Gen Zers and millennials were more prone to say inflation was driving their holiday travel plan changes, with 82% of every group saying so. Meanwhile, 78% of Gen Xers and 73% of boomers cited inflation for tweaking their holiday travel plans.

When to book?

As a way to get the perfect possible deals this holiday season, many Americans are booking their travel prematurely. In accordance with AAA, the perfect time to book travel for Thanksgiving is lower than a month before the vacation. 

In accordance with a Bankrate survey, more families are driving for the vacations as an alternative of flying. AFP via Getty Images/ Stefani Reynolds

“The exception is waiting until Thanksgiving week itself to purchase, when the typical ticket price creeps back up,” AAA spokesperson Aixa Diaz said in a blog post.

Diaz says Tuesday appears to be overtaking Wednesday because the busiest day to travel, while Sunday is the most costly.

“Monday flights are likely to be cheaper, but when you should save essentially the most money — and avoid the travel rush — book a flight for Thanksgiving Day itself,” she added.

Amongst surveyed holiday travelers requiring travel reservations, 16% booked before September and 15% had planned to book in September, in keeping with Bankrate. About 22% of respondents will make their reservations in October, followed by 21% in November and 11% in December. About 16% of respondents said they didn’t know what they might do.

The survey included 2,455 adults, including 1,055 who anticipate traveling for the vacations and 829 who require travel reservations.

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