Feeling the effects of inflation, four of every five travelers are changing their holiday plans, a new survey finds.
Holiday travelers expect to decrease the number of days they would normally be away and choose cheaper lodgings and destinations because of inflation-related worries, according to Bankrate.com‘s online survey of 2,538 adults, conducted September 18-20 by YouGov Plc. The results are representative of all U.S. adults at least 18 years old, Bankrate.com says.
Of the 83% percent of travelers surveyed who say inflation will change their holiday plans, one-third say they will travel fewer days during the upcoming holidays, and 30% say they would select less expensive lodgings and destinations.
About one of every four travelers who say inflation will change their holiday plans will drive instead of fly and engage in “cheaper activities.”
Many travelers “don’t want to skip the trip entirely, but they’re willing to make adjustments that lower the cost,” says Ted Rossman, an industry analyst for Bankrate.com.
AAA said more than 100 million people, including these Atlanta airport travelers, traveled at least 50 miles during the Christmas-New Year’s holiday last year; a new Bankrate.com survey says inflation will decrease holiday travelers’ number of days away this year. (Photographer: Dustin Chambers/Bloomberg)
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Among households earning $100,000 or more annually, 77% of holiday travelers surveyed say they are changing their plans due to inflation. For households earning less than $100,000, 86% say they will change their plans.
The generation most likely to have travel plans affected by inflation are millennials. Eighty-six percent of millennials surveyed say inflation will have an effect, compared to 72% of Baby Boomers, who likely have more income, fewer travel obligations and no children to bring along, Bankrate.com says.
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