Skift Take
Survey data for summer travel plans and bookings suggest the so-called revenge spending from savings during the pandemic might be waning, as consumers are less keen to indulge themselves with extravagant vacations.
More people plan to vacation than last summer, but affordability is cutting into their choice.
A new Bankrate survey shows that American consumers are more mindful of their budgets, as climbing travel prices and interest rates force some 80 percent of travelers surveyed to change their plans for cheaper options.
A further 58 percent of those unlikely to take a summer vacation say they can’t afford it, with Bankrate data showing a jump of 10 percent compared to the same period in 2022 when 48 percent of those unlikely to take a summer vacation said they couldn’t afford it.
Nearly 2 in 3 U.S. adults, or 63 percent, plan to take a summer vacation this year, according to the survey results. The figure is up two percent from 61 percent in 2022, but as inflation cuts into budgets people are preparing to adapt to rising costs.&nbs