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.
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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.
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‘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
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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%.
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This article originally appeared on GOBankingRates.com: More Than One-Third of Americans Are Skipping a Summer Vacation This Year — Should You?
