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Inflation Impacting Summer Travel Plans, Credit Card Habits
A new study found that 58 percent of Americans report that inflation is impacting their summer vacation travel plans.
Personal finance website WalletHub revealed a survey examining the summer travel habits, worries and expectations of travelers in the United States, as well as the best credit cards for travel this summer.
Study respondents found that using a credit card during vacation was important, with around 32 percent of people “likely” or “very likely” to apply for a new card before a road trip this year.
“Roughly 58 percent of Americans say inflation is affecting their travel plans, according to a new WalletHub survey,” WalletHub analyst Delaney Simchuk said. “Inflation has increased to levels not seen in decades, and when prices on everyday items rise, there’s less money left over for luxuries like travel.”
“Even travel itself has gotten unusually expensive,” Simchuk continued. “For example, airfare was 33 percent pricier in April 2022 than one year prior, according to the Bureau of Labor Statistics, and costs are expected to keep rising.”
While 32 percent of Americans said travel usually gets them into debt, data found that 41 percent more people would skip a credit card payment instead of a vacation in 2022 compared to last year.
Another 38 percent of travelers said they plan to use credit card rewards to pay for a vacation, with rental car insurance being the most used benefit at 27 percent. The insurance is nearly twice as popular as extended warranties (14 percent), the least used benefit.