Summer may be a busy travel season for some, but new research reveals the economy may be keeping some people at home. Empower, a financial planning site, asked 22-hundred U.S. adults about their summer vacation plans and 88% say inflation is forcing them to rethink their plans this year.
The survey finds:
- More than a third (41%) say they won’t be traveling at all this summer, with 20% saying they can’t afford to take a vacation this year.
- Gen Z may be having a better summer than everyone else, as one in five of them plan to splurge on a “soul-searching” trip, 20% will be traveling abroad and about a quarter (24%) will be taking a romantic getaway.
- To fund their travels, 37% of Americans have cut down on how often they eat out, 21% are spending less on furniture and clothes and 19% are going to fewer concerts and plays.
- Gen Z is cutting back on hair and nail appointments (24%) and canceling streaming subscriptions (18%).
- Nearly a third of Gen Zers (31%) and 26% of millennials are taking on a side hustle to save money for a trip.
- To keep their summer plans, 30% of respondents have tapped into their savings or rainy-day fund.
- Just over half (52%) of those who are planning to take a summer trip are limiting their spending to $500 for transportation, food and activities, while 31% say they’ll splurge by spending more than $1,000 for their hotel or Airbnb stay.
- Top travel plans include visiting friends and family (42%), family-related activities (35%), outdoor adventures (28%), sightseeing (24%) and concerts and festivals (22%).
Source: Empower