Eighty-five percent of Americans aren’t saving all of their money this summer because they are headed on vacation! However, they intend to spent less. The American Express Spending and Saving Tracker says 198 million Americans are going on summer vacations this year which is up a whopping 13 percent from last year.
However, on average, those taking a summer vacation expect to spend less per person this year than last ($1,005 vs. $1,246). Eighty percent of millennials say they are more likely to make trade-offs to afford a summer vacation (vs. 69 percent of Generation X and 47 percent of Baby Boomers).
Travel agents AND research?
Yes that’s right travel agents and research. Interestingly, vacationers are using travel agents more so than in years past with 16 percent of those traveling this summer will use a travel agent, compared to 11 percent in 2014 and 8 percent in 2011.
However, people are still doing their own research online. Sixty-one percent of traveling Americans will do their research online before they finalize their trip bookings. They will also browse at least five sites before booking, up 12 percent from 2014. Not surprisingly, 25 percent will visit seven or more sites before finally making their plans. That number is up 39 percent from 2014. Hopefully Johnny Jet is on your list of sites to check before booking!
How long are people going?
The two-week trip (my personal favorite as you get REAL disconnection and stress relief!) is becoming more popular than last year with 36 percent saying they’ll go the full two weeks (versus last year of 32 percent). Still 68% of summer travelers will go for one week (68 percent versus 69 percent in 2014).
Where are people going?
While the European exchange rate is so great, the American Express Spending and Saving Tracker says 77 percent Americans are still choosing America as their number one travel destination. This is a large increase of 40 percent from 2011.
Almost one in five do plan to travel abroad this summer and 11 percent are planning to do both. For international travel, Europe ranks as the most popular destination, followed by Asia and then South America.
How will they get there?
Driving as opposed to flying ranks the top way in which Americans will reduce summer travel spending at 36 percent. It makes sense; take advantage of the reasonable summer gas prices!
The American Express Spending and Saving Tracker research was completed online with a random sample of 1,502 adults.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.