Memorial Day: Higher fuel prices have some Americans scaling back their travel plans
Summary
Higher fuel prices and increased travel costs are causing many Americans to change their vacation plans for Memorial Day and the summer. Some are choosing shorter trips, nearby destinations, or more affordable activities to save money.Key Facts
- Gasoline prices in the U.S. averaged $4.56 per gallon, up from $3.18 last year.
- Airfares increased by 20.7% compared to the previous year.
- Other travel costs like public transit, lodging, and eating out also rose between 3.6% and 5.6%.
- The U.S. Travel Association expects travel spending to grow by about 1% this year, mostly due to domestic leisure travel.
- 45 million Americans planned to travel at least 50 miles over the Memorial Day weekend.
- The Transportation Security Administration expects to screen 18.3 million passengers during the holiday period.
- Due to high prices, some families are opting for local trips involving activities like hiking, biking, and visiting beaches.
- Many travelers are shortening trips, choosing cheaper accommodations, or cooking meals to save money.
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