The consumer financial company Bankrate conducted a survey and found that 25% of holiday travelers will be making less expensive accommodations for the holidays and 24% will take fewer trips due to higher travel costs.
Senior Industry Analyst, Ted Rossman says 43% of Americans are planning to travel this holiday season.
“About 80% of them are changing their plans because of inflation. We also found a good number of people that are driving instead of flying,” said Rossman
Rossman says inflation will impact lower-income households at a higher rate. He says planning ahead will help keep holiday travel costs more affordable.
“As people are planning this year they’re thinking about it a little differently than they have in previous years, and booking early is one of the best things you can do I would say don’t delay,” said Rossman.
This could be the busiest holiday travel season since 2019. Using credit cards and hotel rewards can help save money this season. Rossman says the days you travel are also crucial in helping keep costs down.
“Especially if you’re flying can you go a little earlier or maybe come back a little later? Or in terms of the return if you can kind of zig when others zag and if you stay a little longer it might be cheaper and less crowded,” said Rossman.
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