Many Americans are putting the brakes on summer vacation this year amid a mix of troubling financial news, ranging from recession fears and stock market volatility to rising consumer prices.
Trending Now: 5 Google Flights Tricks To Help You Land the Cheapest Holiday Airfare
Read Next: 4 Low-Risk Ways To Build Your Savings in 2025
More than one-third (38.6%) of Americans surveyed by finance app MoneyLion say they’re not taking a vacation at all this summer. Similar results were unveiled in a recent survey from Deloitte, which found that 43% of travelers are not traveling this summer — up slightly from 42% in 2024. Find out below what’s driving this decision and whether you should skip a summer vacation, as well.
Also, if you do decide to travel, here are some ways to make summer travel more affordable.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
‘Essentials Are In’
Financial concerns are driving the decision to skip summer vacation this year. According to MoneyLion, “essentials and experiences are in — lavish trips and impulse buys, not so much.”
Below are some of the survey findings in terms of what Americans are spending money on when they do open their wallets.
-
Bills and basics: 40.2% of respondents
-
Travel and getaways: 28.2% of respondents
-
Food and BBQs: 21.2% of respondents
When it comes to which expenses Americans plan to cut back on, below were the two leading areas.
-
Shopping: 30.8% of respondents
-
General spending: 27.6% of respondents
Discover Next: 4 Affordable Travel Destinations That Make the Middle Class Feel Rich
Should You Skip Summer Vacation?
Deciding whether you should skip summer vacation this year depends on a variety of factors, including your financial situation, job status and family size. But no matter your personal situation, you’re probably seeing a rise in prices across several different categories.
Overall inflation in April rose 0.2% from the previous month and 2.3% from the previous year, according to data from the U.S. Bureau of Labor Statistics. Food prices across all categories climbed 2.8% year-over-year, while shelter prices increased 4%.
There is some good news for travelers, however — including lower gasoline prices. The average national price for gas was $3.174 a gallon as of May 27, according to AAA. That was slightly higher than a month earlier but well down from $3.591 the prior year.
Prices in other travel categories have declined as well, according to the U.S. Travel Association. It found that average airline fares in April fell 7.9% from the previous year, while average hotel or motel prices decreased 2.4%.
More From GOBankingRates
-
6 Costco Products That Have the Most Customer Complaints
-
Mark Cuban: Trump’s Tariffs Will Affect This Class of People the Most
-
How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
-
4 Low-Risk Ways To Build Your Savings in 2025
This article originally appeared on GOBankingRates.com: More Than One-Third of Americans Are Skipping a Summer Vacation This Year — Should You?
