Rising prices affect Americans’ holiday plans
Many Americans’ holiday vacation plans may be affected by rising prices.
According to the findings of a recent poll conducted by Bankrate, travelers are becoming more cost-conscious as a direct result of rising prices for gas, flights, and hotel rooms. The majority of respondents in a recent survey stated they want to reduce their out-of-town stays, travel lengths, and participation in activities that require them to spend money. According to the results of a personal finance website, more and more people are planning to drive to their destination instead of flying, and others are going to use credit card points to pay for their trips.
The cost of travel has significantly increased when compared to the previous year. According to the Consumer Price Index, the cost of sleeping away from home, which includes stays in hotels, increased by 4% in August when compared to the same month a year earlier. According to the figures on inflation, the price of gasoline increased by 26% over the same period, while the price of plane tickets increased by 28%.
Domestic travel has its highest levels of congestion between the dates of November 24 and January 1. According to a travel booking service called Hopper, the price of airline tickets and hotel stays around the holidays is projected to continue climbing, with airfares hitting some of their highest points in the previous five years. This trend is expected to continue until the end of the year.
According to the data provided by Hopper, the price of a round-trip ticket for a domestic flight on Christmas Day is around $435, which is a rise of 55% from the previous year. The price of a ticket for Thanksgiving is approximately $281, which is a rise of 25% from the previous year. The average cost of a hotel room during the Thanksgiving holiday will be $189 per night, which is a 13% increase from the previous year. The cost of a hotel room during the Christmas holiday will be $218 per night, which is a 32% increase from the previous year.
Travel over the holidays has also been difficult so far this year, notably around the time of Memorial Day, when hundreds of flights had to be canceled or were running behind schedule. Some flights had to be canceled because of bad weather, a lack of workers, and the fact that the TSA and airlines had overbooked several flights.
Bankrate’s senior industry analyst, Ted Rossman, said, “Hopefully this Christmas season won’t be as chaotic as last year, but I believe there will be additional travel problems owing to weather, high demand, and lingering labor and equipment shortages.”
