Amid rising costs, US consumers are planning shorter and less expensive winter holiday trips this year, reflecting the ongoing impact of inflation on family budgets. According to a recent survey by personal finance website Bankrate, many households are adjusting their vacation plans, with most opting for budget-friendly options.
The survey found that 86% of households earning less than $100,000 a year are altering their usual holiday routines, while more than three-quarters of higher-income earners (those making over $100,000) are doing the same. The poll, conducted in September among 2,500 US adults, reveals that consumers are trimming travel lengths, choosing more affordable destinations, and opting to drive instead of fly.
“The rate of inflation has slowed, but years of soaring costs are straining holiday travel budgets,” said Ted Rossman, senior industry analyst at Bankrate. He added that about four in five travelers are adjusting their plans to reduce costs, up from 77% last year.
Rossman emphasized that the “cumulative effect” of inflation is taking its toll, as multiple years of rising prices for housing, food, gas, and other discretionary items have eroded savings and increased debt for many families.
Among the changes travelers are making:
•Nearly one-third plan to reduce the number of days spent on holiday trips.
•Many are opting for cheaper destinations and accommodations.
•More than 25% are choosing to drive instead of flying.
•A quarter are planning low-cost activities to further cut expenses.
“They don’t want to skip the trip entirely, but they’re willing to make adjustments that lower the cost,” Rossman noted. Despite these challenges, many consumers are determined to maintain their holiday traditions while finding ways to manage their budgets.
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