But consumers proceed to contend with inflation and high prices to make their vacation plans a reality, and nearly half of survey respondents said they plan to spend more on travel in 2024 than they did last yr. So to finance their restlessness, Americans are putting other major life plans on hold.
One in five millennials – and 17% of Generation Z – plan to delay major purchases like buying a house to fund travel, in line with the study. About a 3rd of all Americans said they will not wait until retirement to see the world and are prioritizing travel now.
According to Empower, not only are major financial milestones like buying a house and retiring being placed on hold, but individuals are also skimping on little things to afford travel — and in some cases, going into debt.
More than two-thirds of Gen Xers and Millennials said they’re eating out less to afford travel, and nearly 10% of all respondents to the Empower study said they took on debt to finance their travel, averaging $2,849. Of those people, greater than 1 / 4 said it might take a yr or more to repay their debt.
In 2023, the travel industry boomed as consumer demand for experiences returned with a vengeance within the wake of the pandemic. A yr later, that desire doesn’t appear to have waned. On the Friday before Memorial Day, greater than 2.9 million travelers were screened at U.S. airports, breaking the single-day record set around Thanksgiving last yr.
Over the summer Airlines expect to move 271 million people6.3% greater than in last yr’s record season.
A recent report from Expedia shows that Americans are more desperate than ever to get away: 65% of survey respondents told the travel company they felt they’d to forgo their vacation, even greater than at the peak of the pandemic.
Christie Hudson, head of public relations at Expedia, said Assets that a major proportion of survey participants would love to travel “no matter what” in 2024.
“In terms of attitudes and appreciation of experiences over things, that whole mentality, people seem to be very much on the same page after the pandemic,” he said.
