BOSTON — Are you in need of a vacation?
If you answered “yes,” as many people would, inflation is likely impacting where you go for a summer vacation -- or if you’ll even take one -- this year, according to a new survey released Wednesday by Bankrate.
Bankrate’s Summer Travel Survey found that the vast majority of summer vacationers -- a whopping 80 percent of U.S. adults who say they’re likely to take a summer vacation in 2023 -- are making changes this year due to inflation.
The most common changes summer vacationers are making to save money this year are: choosing less expensive accommodations and/or destinations (29%, up from 22% last year), engaging in cheaper activities (28%, up from 23% last year), traveling for fewer days (26%, up from 19% last year), taking fewer trips (26%, up from 25% last year), and driving rather than flying to their destination (26%, up from 16% last year), the survey found.
Notably, just 20% of summer vacationers intend to use rewards points to cut costs, the survey found.
And a lot of Americans say they just can’t afford to take a summer vacation this year.
Among the 37% of U.S. adults who say they are unlikely to take a summer vacation this year, more than half (58%) said that is the case because they can’t afford to, up from 48% last year, and are most likely to point to inflation/rising prices (62%) and insufficient income (59%) as reasons why, followed by being focused on other financial priorities (36%), debt (30%), and something else (5%).
For more information on the best ways to save on travel, maximize points and miles, visit Bankrate’s 2023 Travel Toolkit here.
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