American has had to cut their general spending by 33% because of inflation
Over half of the 2,000 adults surveyed (56%) don’t believe they can afford a vacation this year because of inflation. But that’s not enough to stop them from trying, as 58% have been saving and setting aside more money to keep their vacation hopes afloat.
Reaffirming the busy travel season that lies ahead, almost 70% said they’re still planning to hit the road this year despite possible budget woes.
The study, commissioned by Outdoorsy and conducted by OnePoll, found that half have a budget set up specifically for summer vacations, averaging $1,237.
Four out of five of those with summer travel budgets said their plans were impacted by inflation. Nearly three-quarters (72%) had to dip into their vacation budget to make ends meet elsewhere.
The average American has had to cut their general spending by 33% because of inflation, and many said they’d have to cut their spending on shopping (43%), entertainment (40%) and vacations (36%) the most.
A third (32%) said they would rather scale back their vacation plans to stay within a smaller budget than not have a vacation at all. Fifty-six percent said they’ve been successful in planning a vacation around a smaller-than-usual budget.
To save money, vacation-goers are planning to spend less on attractions (40%), lodging (40%) and clothing (39%). Nearly six in 10 (58%) also said they plan to vacation closer to home this summer to beat out inflation and rising gas prices.
Some parts of vacations, however, can’t be given up. Respondents said going out to restaurants (30%), visiting free attractions (28%) and traveling by vehicle (28%) are “vital to have, no matter the budget.”
“While many vacation types have seen dramatic rises in cost over the past year in line with inflation, RV rental prices have remained relatively flat year over year,” said Jeff Cavins, co-founder and CEO of Outdoorsy. “Compare this to a 40% increase in hotel prices YoY, and you can see why road trips are more insulated from inflation and remain a very affordable vacation option for those looking to keep their summer vacation plans intact.”
Half of respondents noted they always rent vehicles while on vacation to save money (52%). Of those, 49% prefer to rent something just as luxurious or economical as what they have at home. Nine in 10 prefer to rent something they can easily sleep or stay in rather than book a hotel.
In an effort to make travel more budget-friendly, 43% said they’ve also considered vacationing with a group of friends to help save money.
There’s plenty to look forward to this vacation season and respondents say they’re most excited about traveling this year because it will allow them to spend time with their families (57%), see new places (55%), make memories (55%) and get some much-needed time to themselves (52%).
“RV vacations are great for consumers’ pocketbooks in the current financial climate,” Cavins said. “A study conducted by CBRE Hotels Advisory Group found that RV vacations cost much less than other types of vacation travel, even when factoring in fuel prices and the cost of RV ownership.
“Many families who are concerned about shifting gas prices don’t realize they can also get an RV delivered to a campsite or destination of their choice — easily creating their own low-cost, luxury hotel room under the stars.”
TOP 5 PLACES PEOPLE ARE SPENDING LESS ON VACATION
Attractions — 40%
Lodging/accommodations — 40%
Clothing — 39%
Food — 38%
Transportation — 37%
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