Memorial Day: Higher fuel prices have some Americans scaling back their travel plans
Bank of America says lower-income households are far more likely to skip summer trips as gasoline, airfare and lodging costs rise.
- AAA predicted that 45 million Americans will travel at least 50 miles from home between Thursday and Monday for Memorial Day, even as higher fuel costs force many families to reconsider their vacation plans.
- Higher fuel prices resulting from the Iran war are making travel costlier, with regular gasoline averaging $4.56 per gallon on Thursday compared to $3.18 a year ago, per AAA.
- Analysts describe travel spending as K-shaped, with lower-income families pulling back; the Bernaba family traded a big vacation for a local trip, citing costs like $800 per night for hotels.
- Nancy McGehee, a Virginia Tech hospitality professor who studies consumer behavior, said travelers are increasingly focusing on the why than the where. "It's more quality over quantity," McGehee said.
- The Transportation Security Administration expects to screen 18.3 million passengers through next Wednesday, while the Travel Association projects annual travel spending will grow by a modest 1% this year.
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Associated Press: Memorial Day: Higher Fuel Prices Have Some Americans Scaling Back Their Travel Plans
That kind of calibration is shaping the summer travel season, which gets its traditional start in the U.S. with the long Memorial Day holiday weekend. Higher fuel prices resulting from the Iran war and other inflationary pressures are making most forms of travel costlier as people in many parts of the world form their plans.
Higher fuel prices have Americans scaling back travel plans
Higher fuel prices and other inflationary pressures are making most forms of travel more expensive as Memorial Day kicks off the summer season in the U.S. Industry forecasts show millions of people still plan to get away during the holiday weekend and over the summer.
Associated Press News
Memorial Day: Higher fuel prices have some Americans scaling back their travel plans
Higher fuel prices and other inflationary pressures are making most forms of travel more expensive as Memorial Day kicks off the summer season in the U.S.
Memorial Day: Higher fuel prices have some Americans scaling back their travel plans - WXXV News 25
By RIO YAMAT, AP Airlines and Travel Writer As someone who is “not the best person with bugs and stuff,” Stephanie Bernaba never imagined herself becoming an outdoorsy mom. But the mother of three is getting more daring as gas prices and other travel costs make vacations more expensive. Bernaba, 47, has been steering her family toward local beaches, bike rides and hiking trails near their home in coastal Rhode Island instead of the faraway tri…
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