According to a recent Deloitte survey, the number of Americans planning summer vacations has dropped to its lowest level in six years, while the average travel budget has increased by 17% compared to last year.
Fewer Travelers, Higher Budgets
The annual survey, which polled 3,500 U.S. adults in March, found that only 48% of respondents intend to take a leisure trip between Memorial Day and September. This marks a decline from 50% in 2023 and the lowest percentage since Deloitte began tracking the data in 2019.
Despite the decrease in planned travel, those who are traveling expect to spend more. The average budget for summer trips has risen to $2,930, up from $2,505 last year, representing a 17% increase.
Reasons for the Decline
Survey participants cited several factors influencing their decision not to travel this summer. The most common reasons included financial concerns, with 37% of non-travelers mentioning cost as a primary factor. Other reasons included personal obligations and a preference to avoid crowds.
Travel Preferences and Destinations
Among those planning to travel, 81% said they would take at least one trip by car, while 46% intend to fly. Domestic destinations remain the most popular, with only 13% of travelers planning to visit international locations.
Beach vacations are the top choice, followed by trips to cities and visits to friends and family. The survey also found that 60% of travelers plan to stay in hotels, while 34% will opt for vacation rentals.
Outlook for the Travel Industry
The findings suggest that while fewer Americans are traveling this summer, those who do are willing to allocate more money to their trips. The increase in travel budgets may reflect higher prices for accommodations and transportation, as well as a desire for upgraded experiences.
For more details, visit the original report at this link.
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