According to NerdWallet's 2024 Summer Travel Report, one in five summer travelers say they will use a credit card to pay for travel expenses but won't pay off the balance on the first bill.
Travel expert Mark Elwood appears on Wealth! to share his insights on the best ways to save money and time during peak travel season.
Elwood suggests signing up for Dollar Flight Club's service. “They monitor flight prices for you, and the best way to get great deals today is to sign up. Click on the route you want to take, and they'll email you any time that route becomes cheaper. So you don't have to set your alarm for 3 a.m. That rule is over. Now, invest in an Air Tag, too. Like, when you lose your luggage. Sometimes you have to check your luggage at the gate. Put the Air Tag in there and you'll always know where your luggage is.”
For more expert insights and the latest market trends, click here to watch this full episode of Wealth.
This post was written by Nicholas Giacobino
Video Transcript
This morning I've been looking at the travel industry.
The number of consumers planning vacations in the next six months continues to grow and remains above last June's level, according to The Conference Board, and shares of cruise giant Carnival Cruise Line have risen as demand for travel continues, reporting record second-quarter sales.
So far, 2024 has been a record year for cruise operators, with more consumers seeking new experiences at affordable prices.
And to dive deeper into the industry as a whole, we're joined by travel expert Mark Elwood. Mark, thank you so much for joining us in studio today, and we're going to talk more about how you feel about the travel environment this year compared to last year.
So, if you just look at some of the statistics on travel throughput, we're already outperforming some of the markets last year, and last year we finally surpassed some of the pre-pandemic records.
The story continues
If we take a moment and think back to May 2020, when it seemed like no one could travel, TS A numbers were at 1960 levels.
It is truly astonishing that we have not recovered in four years.
Travel and fare costs are much higher than 2019, which was already a record year.
Despite the economic headwinds, we are not really seeing a slowdown.
The travel industry is praying that it won't be affected yet because people really want to go on vacation.
Where do they want to go?
Where do they go?
Do you understand what you're saying?
I think I saw some of what you see.
The dollar remains very strong.
It has become a little softer.
However, currency-based tourism means that the pound is very cheap at the moment in the UK where I live.
Now is the best time to go to London.
If you want to go to Türkiye, the lira is very weak and the euro remains quite weak as well.
I see people thinking about going to medical school in the summer and I think you might think the same.
It could be 100 degrees.
Head a little further north in Denmark and do some sightseeing in 100 degree temperatures.
Travel agents in Iceland will tell you that this summer will be very busy.
We're looking at some destinations that are difficult to travel to this summer, as well as a number of international locations that we're looking at here.
That means different price ranges.
What do you think about that?
At the moment it also depends on your income level.
Well, you will always see a few Americans with passports.
The data shows that it is surprisingly small, especially compared to developed countries.
I mean, I can't admit this either, because I only got it last year or the year before.
Okay, okay, I know you're all saying, “I'll do it next year.”
When will it be held next year?
When there is travel.
However, I can see that there are quite a few domestic tourists, and I think Americans often don't notice the increased prices.
Remember that while transatlantic fares are very expensive, it's not necessarily the cost of the entire trip, because if you're spending a lot of money to get to a place where the fare is much cheaper when you arrive, it could end up being cheaper than traveling domestically.
Tips to become a travel expert.
Ok, from now on I feel like I'm the Yoda of travel to you all.
What we want to talk about.
We want to talk about the essence of flying and how to book a flight.
Have you ever heard that there is a best time to book a flight?
yes.
You heard this, right?
Well, I thought it was Tuesday.
Tuesday, 2 a.m. Tuesday, Wednesday.
It's the zombie myth that just won't go away.
That's not true.
Oh my goodness.
Ok, I'll close the tab.
Yes, would you like to register?
There are also many free services that offer paid plans.
It's like going to the Dollar Flight Club.
They will monitor flight prices on your behalf.
And the way to get great deals today is to sign up.
Click on the route you want to fly and we'll send you an email any time.
These routes are cheap and you don't have to set your alarm clock for 3 a.m. That rule is done.
Okay, well I'll also invest in air tags in case I lose my bag.
You may need to check your bags at the gate.
If you have an AirTag there, you will always know where it is.
Well, it's interesting, especially if you're traveling with golf clubs or skis or whatever gear, I recently bought a new Delsey suitcase and it comes with a little AirTag and a little AirTag hanger.
Yes, you will be able to see that too.
Those are my two biggest tips.
If you want to be a professional traveller.
One is to basically never be fooled, and the other is to never be a people pleaser.
And when you check your luggage, remember to use your phone to take a picture before it leaves your hands, because you'd be surprised at how bad we are at describing things we think we know.
