A recent Bankrate.com study found that 79 per cent of those who have spent the night away from home this year had suffered at least one travel-related problem. High pricing (57 per cent), lengthy delays (29 per cent), inadequate customer support (27 per cent), difficulty finding availability (26 per cent) and financial losses as a result of cancelled or disrupted programmes (14 per cent) were among the travel issues reported.
Among the roughly 3 in 5 people who noted increased expenses, 85 per cent reported transportation, 63 per cent accommodation, and 54 per cent activities all cost more than usual.
According to the most recent CPI statistics, gas prices have increased by 49 per cent over the last year, airline fares are up 38 per cent, accommodation away from home has risen by 22 per cent, and the cost of eating out has increased by 7 per cent.
“While many Americans are excited to travel again after being cooped up for the past couple of years due to the pandemic, they’re encountering substantially higher costs and lengthy waits,” said Bankrate.com senior industry analyst Ted Rossman. “The situation may get worse before it gets better as pent-up demand is unleashed this summer. High demand is combining with the hottest inflation readings in four decades and ongoing staffing shortages.”
Despite the travel issues mentioned, 22 per cent of Americans have flown or will travel for business, while 58 per cent of American adults have either gone or intend to travel for pleasure in 2022.
To date, 33 per cent of adults have already travelled for pleasure this year and 12 per cent for business. However, between now and the end of the year, 39 per cent of respondents said they would take a vacation, while 13 per cent would travel for business by the end of the year.
Most (52 per cent) of those who have traveled or plan to travel this year are willing to pay more on vacations than they ordinarily would be comfortable with, taking into account inflation and pent-up travel demand. Conversely, only 15 per cent of consumers are prepared to pay less, whereas 32 per cent are willing to spend what they usually would.
Younger generations are ready to spend more than they would ordinarily be comfortable with. According to the survey, 56 per cent of Gen Z travelers (years 18–25) and 55 per cent of millennial travelers (ages 26–41) are willing to pay more, compared to 49 per cent of Gen Xers (ages 42–57) and 51 per cent of baby boomers, (ages 58-76).
Furthermore, compared to just 8 per cent of Gen X travellers and 4 per cent of baby boomer passengers, 16 per cent of millennial travellers are ready to pay “much more” than they would typically be comfortable with (Gen Z travellers checked in at 11 per cent ).
“If you’re still thinking about planning a trip, I’d suggest acting quickly since prices are expected to remain high,” added Rossman. “Consider using credit card rewards, airline miles or hotel points to defray the cost of your trip. And if you can be flexible, let the deals dictate when and where you travel as opposed to getting your heart set on a specific place at a specific time.”
An earlier Bankrate survey found that more than six in ten American people (61 per cent) said they planned to take at least one vacation this summer, including a “staycation,” and 49 per cent said they planned to go on at least one vacation outside their home. However, due to inflation, 69 per cent of those who planned any summer vacation expected to alter their travel plans.
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