Travelers may have finally had enough.
With revenge travel over and pandemic savings depleted, travelers say they’re planning fewer trips this summer, or skipping their vacations altogether.
“After two straight years of strong gains, the number of Americans planning to take leisure trips is taking a dip,” states a summer travel report from Deloitte Insights.
The close of the second-quarter earnings season showed that major companies such as Marriott, Hyatt, Wyndham, Airbnb
and Expedia
are expecting travel demand to weaken this year as well.
‘Too expensive’ to travel now
Americans are planning 2.3 trips this summer, down from 3.1 trips from the summer of 2023, according to Deloitte’s survey of more than 4,000 people.
The number of people who said they’re avoiding summer travel altogether increased from 37% to 42%, the report showed. When asked why they’re staying home, nearly a third of respondents said “travel is too expensive right now” — a jump of eight percentage points from 2023, according to Deloitte.
MORE:
www.cnbc.com/2024/08/20/travel-is-too-expensive-now-travel-demand-falls-under-cost-concerns-.html