More than 3 in 4 travelers (77%) who took an overnight trip outside of their local area this year experienced at least one travel-related issue, according to a new Bankrate report. More than half of travelers (53%) indicated that they encountered higher prices than they are used to, making it the most common problem, followed by long waits (25%, including airport security, approx. restaurant table, etc.), poor customer service (24%), canceled/interrupted plans (23%), and difficult to find availability (23%).
https://www.bankrate.com/personal-finance/travel-problems-survey/
Despite these issues, 63% of US adults have traveled or plan to travel for leisure purposes this year, up from 58% in 2022. About a third (32%) have already traveled for leisure in 2023, while 46% plan to do so. so before the end of the year (some people plan to do both).
Additionally, about 1 in 4 (23%) of US adults have traveled or plan to travel for business purposes this year, including 12% who have already traveled for business and 14% who plan to do so before the end of the year. Of those planning to travel later this year, more than 4 in 5 (82%) say they are worried they might experience a travel-related problem. Higher prices are again the top concern (55%), followed by long waits (35%), canceled/interrupted plans (29%), difficulty finding availability (28%), and poor customer service (23%).
“Travelers should prepare for a busy summer travel season,” said Bankrate senior industry analyst Ted Rossman. “I thought a lot of people got the travel bug out of their system last year, as the pandemic subsided, and I expected high inflation to contribute to a decrease in travelers this year. But that doesn’t seem to be the case. the situation. Travel demand is even higher this year, and with the travel industry struggling to keep up, high prices may not be the only problem. More delays, cancellations and more situations are expected.”
With higher prices being the most common issue experienced by travelers this year, and their biggest concern about sustainability, 28% of leisure travelers say they plan to spend more more this year than last year, while 21% plan to spend. spending is low due to economic concerns.
Overall, the highest income households (earning $100,000 or more per year) are more likely to travel for leisure this year (85%), compared to 77% of households earning between $80,000- $99,999 per year, 67% earning between $50,000-$79,999 per year, and 51% in the lowest income households (earning less than $50,000 per year).
Of those who have traveled or expect to travel for fun this year, 44% plan to spend at least $1,000, while 16% plan to spend at least $5,000. An earlier Bankrate survey found that the majority of US adults (57%) couldn’t afford a $1,000 unplanned loan.
emergency expenses, while 68% say inflation causes them to save less (https://www.bankrate.com/banking/savings/emergency-savings-report/).
To fund their travel expenses, 20% say they are willing to use their savings for their leisure travel, 20% focus on using reward points/miles more often, and only 7% who say they are willing to take out a loan, or add to their existing loan, for leisure travel this year. “More than a third of Americans have credit card debt, and the average credit card rate is a record high 20.55 percent, so I think the real cost is much higher than the number suggests,” added Rossman.
“The best way to combat high travel costs is to redeem your credit card rewards, frequent flyer miles and hotel points. It also pays to be flexible in your travel planning. If you can choose from with a wider variety of dates and destinations, you have more opportunities to save compared to being locked into one place at a time. And remember that many credit cards offer valuable travel insurance protections that will help you if your trip is canceled or delayed.”
