But to meet their vacation plans, consumers must continue to grapple with inflation and high prices, and nearly half of survey respondents said they plan to spend more on travel next year. 2024 compared to last year. So, to cover their insecurity, Americans are putting other important plans in life on hold.
According to research, one in five millennials—and 17% of Gen Zers—plan to postpone major life purchases, like buying a home, to pay for travel. calendar. About a third of Americans say they won’t wait until retirement to see the world and are making travel a priority now.
According to Empower, it’s not just big financial milestones like buying a home and retiring that are being put on hold. People are also cutting back on small expenses to pay for travel—and in some cases, taking out debt.
More than two-thirds of Gen to pay for their trips, an average of $2,849. Of those people, more than a quarter said paying off their debt would take a year or longer.
In 2023, tourism boom as consumer demand for experiences returned in a big way after the pandemic. A year later, that desire doesn’t seem to have subsided. The Friday before Memorial Day, More than 2.9 million travelers have been screened at US airports.breaking the one-day record set on Thanksgiving last year.
During the summer, Airlines are expected to carry 271 million people.6.3% higher than their record-breaking season last year.
A recent report from Expedia shows that Americans are more desperate than ever to get out of this situation: 65% of survey respondents told the travel company they felt vacation-deprived, even more so than at the height of the pandemic.
Christie Hudson, director of public relations at Expedia, said Luck that a significant portion of survey respondents plan to travel “no matter what” in 2024.
“In terms of attitude and valuing experience over everything, that whole mentality, people seem to be very supportive coming out of the pandemic,” he said.
