DENVER (KDVR) — Inflation hasn’t just cut into home life. It’s cut into summer escapes, too.
Americans are looking to vacation this summer more than last year, according to an annual survey from Bankrate. The survey asks not only how many people plan on taking a vacation, but their budgets and their financial decisions regarding the vacation itself.
In 2022, 61% of the survey’s respondents said they planned to take a summer vacation. This year, 63% plan a vacation.
Affordability, though, is increasingly the reason for not planning a vacation.
Among the survey’s respondents who said they weren’t planning a summer vacation, 58% chalked up the decision to unaffordability, up from 48% last year. Among that 58%, nearly two-thirds (62%) said it was directly because of inflation or rising prices.
As a result, about one-third (29%) of vacationers said they’re cutting vacation costs – compromising their vacation choices with cheaper accommodations, activities and destinations.
Predictably, higher-income households are more likely to take a vacation. Households with an annual income of $100,000 or more are most likely (81%) to be planning on taking a summer vacation this year, compared to 65% of those who make between $50,000 and $99,999 and 54% of those earning less than $50,000.