It appears that inflation may have an impact on holiday travel. Eighty percent of those who plan to travel between Thanksgiving and New Year’s are making changes due to cost, according to a new survey by Bankrate.com.
Here are the most common cost-cutting moves being considered: travel fewer days or shorter distances, drive rather than fly, or book cheaper accommodations.
Nearly a third of those surveyed said they expect holiday travel to strain their budgets. About 20% expect to feel pressured to spend more than they’re comfortable doing.
Travel costs have surged, so it’s important to plan ahead and factor these expenses into your overall holiday budget,” says Ted Rossman, Senior Industry Analyst for Bankrate.
If you plan to fly or stay at a hotel, make your reservations now. Prices keep going up and will go even higher in November.
“I suggest making airplane and hotel reservations earlier than in previous years, since demand will probably outpace supply,” Rossman said.
Remember, using credit card rewards, frequent flyer miles, or hotel points can save you a lot of money.
“Many people have amassed a lot of these and haven’t traveled much the past few years, so it’s a good time to cash them in. They won’t get more valuable over time,” Rossman noted.
