About one quarter of adult Americans will not travel on vacation this summer, a new survey reveals.
Most who don’t plan to travel say they cannot afford the expense, according to the survey by financial-comparison website Bankrate. The survey, conducted online March 10-12, sampled 2,238 U.S. adults, and the results, Bankrate says, are representative of all American adults.
Less than half of U.S. adults — 46% — plan to travel this summer; 24% are not planning any kind of vacation; 23% are not yet sure of their summer vacation plans, and 10% are planning a staycation. (The results exceed 100%, because some survey respondents gave multiple responses.)
Among non-travelers, 65% say it is because they cannot afford to travel right now. Nearly 7 of every 10 travelers who can’t afford to travel right now say everyday life is too expensive, and 6 of every 10 who can’t afford to travel right now say travel costs are too expensive.
Millennials (ages 29-44) were the most likely to say they are not planning to travel this summer, because they cannot afford it. Baby boomers (ages 61-79) were the second most-likely generational group to say they do not plan to travel this summer.
Other reasons for opting out of summer travel this year include not being interested in traveling for a vacation, being unable to take time off work and finding it too much of a hassle. Fifteen percent of non-travelers say they are worried about airline safety, while another 15% say it is because of their health or age.
Of those planning to travel this summer, 29% say they will take on debt as a result. This includes 23% who say they will pay with a credit card over time, 5% who plan to use buy-now-pay-later services, 4% who will borrow from family or friends and 2% who will take out a personal loan.
Younger generations are more likely to go into debt for travel, with 34% of millennial and 31% of Gen Z (ages 18-28) travelers planning to take on debt, compared to 29% of Gen X (ages 45-60) and 22% of baby boomer travelers.
“The average credit card charges about 20%, so going into debt is an expensive proposition, especially since Americans are sitting on a record $1.2 trillion in credit card debt,” says Bankrate senior analyst Ted Rossman. “But don’t let the summer pass you by without having any fun. To save money on a vacation, consider putting rewards points and miles to use. You can also sign up for a new credit card to earn a welcome bonus that can fund a free or discounted trip. A staycation can be a fun fallback option.”
Rossman provides a few other cost-saving tips.
“When planning summer travel, it’s generally advised to book sooner rather than later,” he says. “Think about visiting a destination during its shoulder season or offseason. Take an early flight, a late flight, a connecting flight or a midweek flight. It’s going to be expensive if you travel at the most convenient times on the most desirable days to the most popular destinations.”