High rates of inflation are forcing Americans to change their summer travel plans according to a March 2022 survey by Bankrate.
But despite higher prices, the pent-up demand for travel is likely to win out over inflation concerns, the survey found.
“After being cooped up for a couple of years because of COVID, people are ready to get back out there this summer, even if it means paying higher prices and potentially cutting into their savings or taking on debt,” said Ted Rossman, a Bankrate senior industry analyst, in the survey report.
Based on the survey, 61 percent of Americans plan on taking at least one trip in summer 2022, with 72 percent of Generation Z, 65 percent of millennials, 61 percent of Generation X, and 58 percent of baby boomers “very likely” or “somewhat likely” to go on a trip.
While only half of the households who make less than $50,000 are planning on a vacation, the number rises to 75 percent among households earning $100,000 or more.
Several U.S. airlines like Alaska Air Group, American Airlines, and United Airlines have predicted their current quarter revenues to surpass the pre-pandemic level due to a boost in travel activity.
Online travel agency Booking Holdings Inc. saw gross travel bookings rise almost two-fold in the quarter when compared to the same period in 2021.