PENNSYLVANIA, USA — Summer, for many families across the country, is almost here.
While many are ready to pack their bags after two years of travel restrictions, others say the cost is just too high right now.
A new Bankrate.com survey shows that 70% of Americans say they’re making travel changes due to rising inflation concerns.
The survey found the most common vacation changes people are making to save money include:
- Taking fewer trips this summer (25%)
- Traveling shorter distances (25%)
- Doing cheaper activities (23%)
Ted Rossman, industry analyst for Bankrate.com, says that while inflation is a concern, demand in the travel sector is still high.
"We've been hearing really robust demand from airlines, hotels, cruises, the whole travel industry seems to be booming," Rossman said. "It could be that both are true: people may be doing something, but they may not be doing everything. I think those are sort of two competing themes: inflation and the desire to get back out there."
For those who do want to take to the skies or the roads, Rossman suggests making the most of the deals available.
"Let the deal dictate the destination," he said. "Usually people do the opposite. Usually they're like I really want to go to this place. How can I save money? If that's an expensive place to go to, maybe you'd be better off kind of working backwards and seeing where you can get a good flight deal or hotel."
Also, he says to make sure you’re not sitting on hidden savings.
"Take stock of your credit card points, your airline miles, your hotel points, these things have real value and a lot of times, people kind of forget about them...there's actually a good chance that you may be sitting on some real value there."