According to a recent poll conducted exclusively for Newsweek by Redfield & Wilton Strategies, 44 percent of Americans interested in taking a summer vacation this year are not doing so because of rising air travel costs. The consumer price index for airline tickets has increased by 25 percent over the last year, which is the largest jump since Federal Reserve of St. Louis records began in 1989. In April, airfares jumped by 18.6 percent. Factors contributing to these higher costs include increased fuel prices, operational expenses, and the imbalance between supply and demand in the airline industry. Airlines have also faced challenges with reduced airplane capacity and staffing shortages following the lifting of COVID-19 restrictions.
via Newsweek:
Polling conducted exclusively for Newsweek by Redfield & Wilton Strategies has found that 44 percent of Americans would be taking a summer holiday this year if traveling by air wasn’t so expensive. The survey was conducted on June 27 and June 28, sampling 2,500 eligible voters in the U.S.
Over the last year, the consumer price index for airline tickets has increased by 25 percent—the largest jump since Federal Reserve of St. Louis records began in 1989. In April, airfares jumped by 18.6 percent, according to the Bureau of Labor Statistics.
In the poll, all age groups reported similar results, with Gen Z, millennials, Gen X, baby boomers and America’s eldest all indicating between 42 percent and 47 percent will not take a holiday in summer 2024, due to high airfares. Republican voters were also less likely to travel by air this summer (54 percent) compared to Democratic voters (43 percent).