Close to 70% of adults say they are making changes to their vacation plans this summer due to inflation, according to a new survey from Bankrate.
“We’re talking about things like maybe taking fewer trips or traveling shorter distances, picking cheaper activities once you’re there or cheaper accommodations or destinations,” said Ted Rossman, a senior industry analyst at Bankrate.
He said the results show just over 60% are likely to take at least one vacation this summer, including 33% who say they are very likely and close to 30% that say they are somewhat likely.
“I think gas prices are leading to a lot of people cutting back … but the thing is that jet fuel prices are so high that this is really filtering through to airline costs as well,” he said.
A total of nearly 30% of people of those surveyed said they were planning on a staycation this summer.
“We know the past couple of years, a lot of people played into this trend. And that was really COVID related,” Rossman said. “This year, it seems to be more cost related.”
The results also show that the younger you are, the more likely you are to be planning a summer trip, Rossman said.
“I think that’s the whole YOLO thing that a lot of young adults are really social, they’re sick of being stuck at home,” Rossman said.
Around 70% of Gen Zers (ages 18-25), 65% of millennials (ages 26-41), 61% of Gen Xers (ages 42-57) and 58% of baby boomers (ages 58-76) are very or somewhat likely to take a summer vacation this year.
The survey also found that the likelihood to take a summer vacation also rises with income and among parents.
Three-fourths of U.S. adults with annual household incomes of $100,000 or more say they will take a vacation compared to 56% of those earning under $50,000.
Similarly, 75% of parents with children under 18 are likely take a summer vacation, versus 61% with adult children and 56% of non-parents, according to the survey.
The most common destinations in the survey were beaches at 37%, staycations at 28%, and cities at 27%. Only 12% said they will travel internationally and 11% will take a cruise, according to Bankrate.com.
