There’s just not enough room in the budget. Not this year anyway.
Some 80 percent of Americans say they are changing their summer vacation plans because of inflation, according to online financial advisor Bankrate.com.
Maybe it's a subtle change like less nights at Disney World or less average spending money per day. But the company also found that 62 percent of Americans who can’t even afford a summer vacation blame it on inflation or rising prices.
But the recession isn’t stopping some people.
Overall, 63 percent of U.S. adults say they are likely to take a summer vacation this year, up slightly from 61 percent last year. That group includes 33 percent who are very likely and 30 percent who are somewhat likely to take a summer vacation in 2023.
Spending money on less expensive accommodations is the number one way that people plan to save money this summer.
“High inflation and tight budgets make this a perfect time to take advantage of credit card rewards, frequent flyer miles and hotel points,” says Bankrate senior industry analyst Ted Rossman. “These represent real value, and too few travelers are planning to redeem them this summer. Your rewards won’t get more valuable over time – use them before you lose them.”
There is also a serious divide among Gen X, Gen Z, Millennials and Baby Boomers, according to the survey.
Additionally, 77 percent of parents with children under the age of 18 say they are likely to take a summer vacation this year (including 43 percent who say they are very likely), compared to 60 percent of non-parents. Moreover, 87 percent of parents of children under the age of 18 are making changes due to inflation compared to 78 percent of non-parents.
“Too many Americans leave unused vacation time on the table each year,” Rossman added. “If nothing else, take some time off to recharge. Consider playing tourist in your local area or just staying home and relaxing. You don’t need to bust your budget to have a good time and break the daily routine.”
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