Daniel is a copywriter who has well and truly been bitten alive by the 'travel bug'. After ticking off several North American National Parks and exploring Europe by train, his sights are now set on South East Asia. Usually with at least one camera locked and loaded, you'll find Daniel wherever there are mountains, lakes or beaches.
Despite fears surrounding recessions and economic difficulties, Americans are choosing to spend their hard-earned cash on vacations.
Bankrate has combed through its data and found some interesting facts and figures from our spending habits in 2023. Slightly less than half the U.S. adult population who have traveled, or are about to, will spend at least $1,000. Even though 52% of Americans have less than three months’ expenses in case of an emergency.
After a rough few years with COVID and canceled or delayed vacations, it’s no wonder people want to spend some of their income on a well-deserved break.
With restrictions lifted in almost all areas of the world now, the American public is ready to board a plane and head overseas. In fact, flyer numbers are on course to top figures from 2019. What’s more, there is an anticipated increase of approximately 2 million passport applications compared to the year preceding the pandemic.
It looks like baby boomers and Gen Xers will be the ones splashing the cash the most whilst on vacation this year. Half of both generations plan to spend at least $1,000 on their trips. That compares to just 31% of the Gen Z population. With more disposable income and with many now in retirement, it makes sense the baby boomers are the ones enjoying the most lavish vacations.
So, what happens if you’re not a baby boomer or are struggling for funds? Well, there are a few tips and tricks to save or make your money go further.
If you’re a family, be sure to look for any places where kids go free or switch out the hotels for a camping adventure.
For the younger solo traveler, look out for hostels or coach-surfing accommodation to save some cash on your trip.
And no matter your age, budgeting and planning ahead of your vacation can go a long way in stretching your dollars. Whether it’s putting an extra $50 away each month or finding the best deals on hotels, you won’t regret that extra work when you arrive at your destination.