Tourists and a lifeguard tower at Surfside Beach along the Atlantic Ocean in Miami-Dade County, Florida
(Many Americans are currently facing financial hardships, with a majority of respondents in a June poll saying they wouldn’t be able to afford to take a vacation in the near future.
a Redfield and Wilton’s Strategy Research — Conducted on your behalf Newsweek The survey revealed that 44% of respondents plan not to travel in the next three months.
53% said they would have gone on holiday if the cost of living was lower than current levels.
Of those who are still traveling internationally, 64% said the cost of living is affecting their itinerary.
Gen Xers were most likely to take a vacation if it was cheaper (57%), followed by Millennials at 54%, and Gen Z and Baby Boomers (both at 50%).
“The number of new customers is growing, and we’re seeing a rise in the number of new customers,” said Ted Rothman, senior industry analyst at Bankrate. Newsweek The cost of living has risen sharply in recent years.
“For example, the typical household’s total spending is about 20% higher now than it was in early 2022,” Rothman said.
“Rising interest rates are also squeezing purchasing power, especially with nearly half of credit card holders owing an average of 20.71% per month.”