Travel prices have changed considerably heading into 2024 but there are some bright spots for consumers, according to NerdWallet's latest Travel Price Index.
Citing the most recent set of Consumer Price Index data released in January 2024 from the Bureau of Labor Statistics, airfares were down 9.4 percent in December 2023 compared to December 2022. Moreover, they are 3.6 percent lower than in the pre-pandemic month of December 2019.
In addition to savings on flights, travelers can expect to pay less for a rental car as those prices are down 12 percent versus December 2022 and down 4.8 percent from November 2023.
While hotel prices are also slightly lower since last year, down 0.5 percent in December 2023 compared to December 2022, costs are up 16.4 percent from December 2019 before the COVID crisis.
Unfortunately, costs for pretty much everything else have gone up. According to NerdWallet, overall prices for the past 12 months through December 2023 rose 3.4 percent before seasonal adjustment.
Restaurant prices in December 2023 were up 5.2 percent year-over-year and 25.5 percent from December 2019. Meanwhile, the price of movies, theaters and concerts has climbed 5.7 percent from a year ago and 19.5 percent from four years ago, just before the pandemic.
Despite the rising costs, most Americans anticipate spending more on their trips in the year ahead as a new Bloomberg survey found that 67 percent of U.S. vacationers will plan to spend more on vacations in 2024.
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