A new study found that 58% of Americans say inflation is impacting their summer vacation travel plans.
personal finance website WalletHub revealed a survey examining summer travel habits, concerns and expectations of travelers to the United States, as well as the best credit cards for traveling this summer.
Respondents to the study found that credit card use while on vacation was high, with around 32% of people ‘likely’ or ‘very likely’ to apply for a new card before a road trip this year .
“About 58% of Americans say inflation is affecting their travel plans, according to a new WalletHub survey,” said WalletHub analyst Delaney Simchuk. “Inflation has reached levels not seen in decades, and when the prices of everyday items rise, there is less money left for luxuries like travel.”
“Even the trips themselves have become abnormally expensive,” Simchuk continued. “For example, airline tickets were 33% more expensive in April 2022 than a year earlier, according to the Bureau of Labor Statistics, and costs are expected to continue to rise.”
While 32% of Americans said travel usually puts them in debt, data revealed that 41% more people would skip a credit card payment instead of vacation in 2022 compared to last year.
Another 38% of travelers said they plan to use credit card rewards to pay for vacations, with rental car insurance being the most used benefit at 27%. Insurance is almost twice as popular as extended warranties (14%), the least used benefit.