Over the holidays, many Americans are opting for fewer days of travel, cheaper accommodations, and shorter distances due to rising costs, a recent survey found.
High inflation has also kept pressure on the Federal Reserve, the agency tasked with keeping prices stable. Last month, theInflation curbs travel most for low-income families, younger generationsthat 74% of lower-income Americans have experienced severe or moderate financial hardship, compared to 56% of the population as a whole. Household income also appeared to be a major factor in holiday travel plan adjustments, Bankrate said.
Its survey found that 84% of holiday travelers with an annual household income under $50,000 were changing their plans due to inflation and rising pricing. Higher-income households are also modifying plans. Seventy-nine percent of holiday travelers earning between $50,000 and $79,999 said they were changing plans due to inflation. For those earning between $80,000 and $99,999, 77% are changing plans. For households earning $100,000 or more, it was 70%, according to the survey. There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
Meanwhile, younger people in the survey were more likely to change holiday travel plans because of costs, with 82% of GenZers and Millennials each saying they were doing so. "If you want to maximize attendance at holiday festivities this year, consider gathering near your youngest family members to eliminate some of the financial strain on those most likely to experience it," Bankrate stated in its report.
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