Why so many Americans are skipping summer travel
Fewer Americans are set to travel this summer. Here's why.
A recent Bankrate survey found that less than half of Americans plan to travel this summer. Ted Rossman, senior industry analyst at Bankrate, joined TheStreet to explain why people are pulling back on summer vacations.
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Full Video Transcript Below:
TED ROSSMAN: Cost is the biggest thing preventing people from traveling. This summer, we see that 46% of Americans are planning a summer vacation. About 1 in 4 are definitely not planning to travel, and about another one in 4 are not sure yet. Cost is the biggest obstacle by far, and interestingly, it's split between travel costs and day to day costs.
A lot of people are saying that everyday life is so expensive that there's nothing left for travel. I am a big fan of taking some time to relax and recharge. I don't want you to go into debt for it, but if you can maybe plan a staycation or a road trip, or use some rewards points and miles, or be flexible to find the best deals, there should be some way to have summer fun on a budget.
