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High inflation could force consumers to change their summer vacation plans

High inflation could force consumers to change their summer vacation plans

This year, plans for summer vacation may change.

This time it’s not because of Covid-19. Instead, high prices due to inflation may encourage potential tourists to change their plans.

In fact, 69% of adults who say they will take a vacation this summer believe they will change their travel plans as prices soar to record highs. poll from Bankrate.com finds.

In the struggle between deferred demand, which has grown over the past couple of years, and rising costs, the desire to travel can still win over many people, predicts Ted Rosman, senior industry analyst at Bankrate.com.

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Here’s a look at other stories that offer a financial perspective on important life stages.

The main changes that people have shown they can make include fewer trips and trips shorter distances.

The most common destinations that people look at this summer are beaches, 37% of respondents; stay, 28%; and cities – 27%. Meanwhile, 21% plan to visit national parks, 17% plan to stay in campsites, 14% plan to visit amusement parks, 12% plan to travel abroad and 11% plan to take a cruise.

However, not everyone is planning a summer escape.

Among those who are more likely to plan a walk are adults with an annual family income of $ 100,000 and above, with 75% of those respondents. By comparison, 56% of those earning less than $ 50,000 plan to travel.

Parents of children under 18 are also more likely to plan holidays this summer: 75% vs. 61% of parents with adult children and 56% of non-parents.

Younger adults are also more likely to say that they are very or partially resting in the summer: 72% of Generation Z between the ages of 18 and 25 and 65% of millennials between the ages of 26 and 41. Meanwhile, 61% of Generation X between 42 and 42 years 57 and 58% of baby boomers aged 58 to 76 said the same.

Of course, these plans may change as the summer season approaches. The online survey, which was attended by 2,676 adults, was conducted from March 30 to April 1.

CNBC + Acorns is investing in you pollconducted Moment in March, it was found that 40% of adults in the U.S. said they would cancel a vacation or trip if consumer prices continued to rise.

If you plan to hit the road, you may want to consider a few steps to saving, Rosman said.

Look for suggestions where possible

Prices are higher everywhere. However, areas where due to the pandemic there is still less pedestrian traffic may be more likely to offer offers.

“If you’re not necessarily married in any particular direction, you may be allowed to offer you flights and hotel deals,” Rosman said.

Explore bonuses for credit card rewards

It’s never a good idea to take on a high percentage of credit cards that you can’t repay right away.

But if you have the financial flexibility and you can afford to take on that debt responsibly, you may want to consider a new credit card with a sign-up bonus, airfare or refund, Rosman said.

“Now there are a lot of good deals,” Rosman said.

Don’t let your vacation days go by in vain

A Bankrate poll found that 30% of paid workers will use it less than half this year.

“It’s a really lost opportunity,” Rosman said.

Instead of leaving paid vacations on the table, find a trip within your budget and set off, even if it’s just a vacation, he suggested.

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