New research finds that four in five people say their summer plans have been affected by rising costs.
Nearly three-quarters go into their holiday budget to help pay off other bills.
NEW YORK – Americans are planning to be economical in their next summer vacation, as most fear that they will not be able to afford their escape due to inflation.
More than half of the 2,000 adults surveyed (56%) do not believe they can pull off holiday plans this year because of rising costs. Even so, owning one is still beyond the reach of the average person, as 58 percent have saved and spent more money on their vacation.
Reaffirming the busy travel season ahead, nearly 70 percent still plan to hit the road this year despite potential budget problems.
Empty budget facing inflation risk
The study, commissioned by Outdoorsy and conducted by OnePoll, found that half have a budget for summer vacations, averaging $ 1,237. Four out of five of those on summer travel budgets say their plans have been affected by inflation. Nearly three-quarters (72%) have to dive into their holiday budget to make ends meet.
The average American had to cut back on overall spending by 33 percent due to inflation, and many added that they had to cut back on shopping (43%), leisure (40%) and vacation (36%) more. One in three (32%) would rather reduce their holiday plans to stay on a smaller budget than not take a vacation at all. Fifty-six percent say they have managed to plan a vacation with a smaller than usual budget.
To save money, vacationers plan to spend less on attractions (40%), accommodation (40%) and clothes (39%). Nearly six in 10 (58%) also plan to vacation closer to home this summer to beat inflation and rising gas prices.
Some holiday pieces, however, never go out! Respondents say going out to restaurants (30%), visiting free attractions (28%) and traveling by car (28%) are “vital, regardless of budget”.
“While many types of vacations have seen dramatic increases in cost over the past year, according to inflation, RV rental prices have remained relatively stable year on year,” Jeff Cavins, co-founder and CEO of Outdoorsy, said in a statement. “Compare that to a 40 per cent increase in hotel prices on an annual basis and you can see why road trips are more isolated from inflation and remain a very affordable holiday option for those who want to keep their summer holiday plans intact. “
(Holidays) power in numbers
Half of the respondents noted that they always rent vehicles while on vacation to save money (52%). Of these, 49% prefer to rent something as luxurious or economical as what they have at home. Nine out of 10 prefer to rent something they can easily sleep in or stay in rather than booking a hotel.
In an effort to make travel more budget-friendly, 43 percent said they have also considered vacationing with a group of friends to save money.
There is a lot to look forward to this holiday season and respondents say they are more excited about traveling this year because it will allow them to spend time with their families (57%), see new places (55%), create memories (55%), and take the necessary time for themselves (52%).
“Holidays with RVs are great for the consumer’s pocket money in the current economic climate,” says Cavins. “A study by the CBRE Hotels Advisory Group found that RV vacations cost much less than other types of vacation trips, even taking into account fuel prices and RV ownership costs.”
“Many families worried about shifting gas prices do not realize that they can also pick up an RV at a campsite or destination of their choice – easily creating their own low-cost, luxurious hotel room under the stars.”