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.
Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. 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.
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.