Summer travelers face “vacation inflation” as airfare, gas prices rise
Americans planning to travel for Memorial Day weekend or this summer should prepare for higher costs across the board. From gas prices to airfare, activities, and lodging, vacationers can expect to face what CBS News senior transportation correspondent Kris Van Cleave describes as “vacation inflation.”
Despite the increased expenses, many Americans are still determined to take trips. Nashville, Tennessee, for example, is anticipating 18 million visitors this year, slightly surpassing last year’s total. Steve Hoskins, a resident of Rochester, New York, shared with CBS News that he is encountering higher costs whether he travels or stays home. “There’s sticker shock on pretty much everything we do,” Hoskins remarked.
The pricing trends in Nashville mirror those seen nationwide. According to travel site Kayak, flights to the city are $121 more expensive than a year ago. On a national scale, the average domestic airfare has risen to about $383, up $89 from last year. Even driving may not provide significant savings, as gas prices have surged by $1.42 per gallon compared to last year, as reported by AAA.
Sally French, a travel rewards expert at NerdWallet, predicts that Americans will opt to stay closer to home this summer in an effort to manage their travel expenses. “People aren’t necessarily looking at going abroad or taking cross-country trips,” she explained to CBS News.
The costs associated with vacations continue to climb, with activities up more than 5.5% from last year, lodging expenses increasing by 4.3%, and dining out prices rising by more than 3.6%, according to NerdWallet.
As travelers brace themselves for these heightened expenses, it’s essential to plan and budget accordingly to make the most of their trips. Despite the challenges posed by vacation inflation, the allure of exploration and relaxation remains strong for many Americans.
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