Investing and Global Finance News

U.S. Economy to Lessen Summer Travel Rates

Tourism experts and economists have both agreed that the situation in the U.S. will lessen the travel rate throughout the nation this summer.

Though the gas prices are relatively low in many states, employment and economic concerns will undoubtedly discourage many vacationers, especially on the West Coast. The job market struggles and high household debt are also strong contributors to the trend.

“Travel is about security,” explained John Larson of IHS Global Insight. “If you feel less secure about your future, you may be less willing to take this trip.”

According to AAA, the auto club, people who are still inclined to embark on road trips are likely to cut their travels short, while spending significantly less money on things like food and entertainment, as well.

Explaining that the weekend is a good indicator for future summer travel, AAA projected that Memorial Day would see 34.8 Americans on trips of at least 50 miles. Though the number is greater than that of last year’s Memorial Day, it is equal to that of travelers during that time in 2010. They added that around 88% of the travelers will be driving.

 

Sorry, comments are closed for this post.