Independence Day is just around the corner, and if you haven't made any travel plans yet, there's still time to make some last-minute travel plans. But be careful: Nearly half of Americans who are planning to travel already have their holiday itinerary planned.
In fact, according to the summer travel edition of PYMNTS Intelligence's Consumer Credit Economic Monitor report, 48% of U.S. consumers planning to travel this summer had made their travel plans in April.
Why the rush? PYMNTS Intelligence found that there are a few key factors driving consumers to travel more this year. Forty-one percent of consumers taking summer vacations this year say they simply have an increased interest in traveling, which is why they want to get out of town (21% say it's their top motivator). In other words, many Americans may be suffering from a post-pandemic feeling of being stuck.
Optimism about money is also a big motivator: 29% of respondents said that an improving personal financial situation has spurred their travel desires, while 19% cited stable employment as the reason. Similarly, lower travel costs have inspired 16% of travelers, while 12% said confidence in the economy is driving their vacation plans.
But just because consumers are optimistic about their financial situation doesn't mean they're not worried about travel costs: Our report found that people planning to travel this summer expect to spend about $2,400 on their trip, with 78% saying they plan to pay for at least a portion of their trip with a credit card.
The enthusiasm to travel isn't just limited to tourists: As PYMNTS recently reported, business travel is also on the rebound.
Retailers and agencies have noticed the growing desire to travel and are responding in kind: As PYMNTS recently reported, for example, Starbucks has partnered with Marriott's marketplace Bonvoy to give loyalty account holders of both brands the opportunity to earn points that can be redeemed for free food, drinks, and rewards at select Marriott destinations.
For travelers looking for a more immersive experience, travel software and technology provider Sabre Hospitality recently introduced a solution that allows select hoteliers to sell unique experiences, services and products to travelers, who can then purchase them in a virtual storefront. The company also launched an artificial intelligence (AI)-powered retail platform to enable airlines to offer customized travel solutions tailored to the needs of individual travelers.
Advanced technology is also being deployed to assist travelers wanting to travel across U.S. borders.
The U.S. State Department announced earlier this month that it is beta testing a platform that will allow consumers to renew their U.S. passports online. Access to the platform is currently limited, but the State Department said it will eventually be fully available and streamline the passport renewal process.
Not to be outdone, the TSA, the Department of Homeland Security, and U.S. Customs and Border Protection have all announced they are developing digital capabilities that will simplify compliance with upcoming travel requirements.
Despite ongoing concerns about inflation, consumers and businesses remain optimistic about the economy and are making travel plans for the coming months, with hospitality industry leaders and even government agencies doing their part to make summer travel a little smoother.
More information: Business Travel, Consumer Credit Economic Monitor, Consumer Insights, Consumer Spending, Credit, Credit Cards, Featured News, News, PYMNTS Intelligence, PYMNTS News, Travel, Vacation
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