It will be an expensive summer for American travelers, as increased demand and rising prices have increased the cost of travel and summer activities.
Leading the news: “Certainly every category is more expensive now than it was last year,” Sally French, a travel rewards expert at NerdWallet, told the Washington Post.
What happens: Travel and hospitality executives have noticed that American consumers are planning to take to the streets this summer, especially as restrictions on the pandemic have been lifted.
What they say: “We believe this summer will be a travel gangster,” Marriott CEO Tony Capuano told CNBC.
- Expedia reported in its earnings report that gross bookings increased by 58% in the first quarter of 2022 compared to last year.
Yes but: Travel will not be easy in your wallet. Higher costs for accommodation, airfare and expenses can ruin summer plans, according to the Wall Street Journal.
Gas prices: The national average price of regular gasoline jumped to $ 4.37 a gallon on Tuesday, which is a new record price, writes Jacob Knutson of Axios.
- Diesel prices also set a new record at $ 5.50 per gallon.
- Prices have been high since Russia’s invasion of Ukraine upset the energy market, which pushed up costs.
Airline fares increased by 12.7% in February 2022 compared to last year, although they are still reduced by 14% compared to 2019, according to new data from the Bureau of Statistical Labor.
Hotel prices have increased by 40% since March 2021, according to the Washington Post.
- New data from the travel company STR found that the average daily hotel price was $ 147.15 from March 1 to March 26, the Washington Post reported.
- This is a leap from 2021, when prices were around $ 105 a night on average.
- And it is higher than the prices before the pandemic. Average prices per night were $ 132.56 in 2019.
- Manpower shortages and higher wages for workers have led to higher prices, Carter Wilson, STR senior vice president of consulting, told the Washington Post.
Car rental prices will also be on the rise, as there will be a shortage of rental vehicles, according to the Wall Street Journal.
- Global chip shortages and supply chain problems will lead to higher demand and higher costs for available rental cars.
Camp Prices will also be on the rise for 2022.
- Tom Rosenberg, president and CEO of the American Camp Association, told CNN that camping fees could increase by 10% to 15% for the summer of 2021 compared to last year.
- Rosenberg said the rise in prices was due in part to demand, as the COVID-19 pandemic forced some camps to close.