What are Americans Willing to Spend on Summer Travel?
It's no secret that travelers are hitting the road in full force now that the light at the end of pandemic tunnel draws nearer. Because much of our daily lives have changed over the last year and a half, it makes sense that the spending habits of travelers have also been affected. A new survey from ValuePenguin reveals the latest.
An encouraging finding indicates that 53% of Americans say they'll definitely take at least one trip, while only 15% say they won't travel at all. Out of those who are ready to travel, they're planning to spend some dollars—around $2,400 on summer travel, to be precise—and taking an average of three trips.
Perhaps surprisingly, the survey found cost constraints are more likely to deter travelers from hitting the road than worries about COVID-19. 43% of those not taking a summer vacation cite a lack of affordability as their main reason for staying home, while 41% blame the COVID-19 pandemic.
The survey also offered a look at who exactly is most likely to spend. Consumers earning $100,000-plus account for 70%, parents with kids under 18 make up 62%, while millennials and Gen Xers come in at 58%.
When it comes to vaccinations, the survey found a major motivator for getting vaccinated for 55% of respondents was the desire to travel. An important finding to note is that 2 in 3 respondents said they'd rather take many small trips this summer rather than only a couple larger vacations.
Ultimately, travelers are willing to spend more money on travel in 2021 than last summer by a mile.
Written by Sarah Suydam, Managing Editor for Groups Today.