Personal Finance

One-Third of Americans Ditching Summer Travel Over Money

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summer travel money worriesWhile the economic recovery is fully under way and millions of Americans are in better positions now than they were just a year ago, it seems that a large number of them still aren’t where they want to be, and as such they may now be planning to avoid what is usually a tradition — summer travel.

Financial concerns and the economic outlook are now combining to lead more than a third of all Americans to ditch their vacation plans this summer, down from 36 percent last year, according to a new poll from Harris Interactive. However, the number of people who say they will do so is actually on the rise, climbing to 64 percent this year from 60 percent in 2012. Interestingly, households with children under 18 were far more likely than those without to take such a trip.

In all, 43 percent of those polled say that the economy has no bearing on their travel plans at all, the report said. People planning to take these vacations say that they will spend $1,665 on average to cover those costs.

The most popular destinations among those planning a trip was the beach, as nearly two in five said that was where they were headed, the report said. Those in Generations X and Y are more likely than baby boomers or seniors to head to the beach, as are families with children under 18. For instance, 47 percent of those in Generation X say they’re planning a trip to the shore, as are 45 percent of Millennials, compared with just 32 percent of boomers and 27 percent of seniors. Meanwhile, 47 percent of families with kids are doing the same, compared to just 34 percent without them.

Other destinations that proved popular among consumers were those to the city (27 percent), the country or national and state parks (23 percent each), the report said. Fewer are planning to go to theme parks (21 percent), the mountains (19), suburbs (19), or to “discovery” destinations (17).

Financial difficulties experienced during the recent recession, as well as in the years following, have greatly reshaped how consumers deal with their money, and many may save up to be able to afford such a trip now, rather than taking on getting into debt to do so.

Image: iStockphoto

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