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, PYMNTS Intelligence’s “Consumer Credit Economic Monitor“Among U.S. consumers planning to travel this summer, 48% made travel plans in April,” the report said.
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 vacations this summer 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 for travel isn’t just limited to tourists. As PYMNTS recently reported, Business travel is recovering In the same way.
Retailers and travel agents have noticed the increased desire to travel and are responding accordingly. For example: PYMNTS recentlyStarbucks 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, beverages and rewards at select Marriott destinations.
For travelers looking for a more immersive experience, Saver Hospitality The travel software and technology provider recently introduced a solution that allows select hoteliers to sell unique experiences, services and products to travelers, which they can purchase in virtual storefronts. Release An artificial intelligence (AI)-powered retail platform that enables airlines to offer customized travel solutions to meet the needs of each individual traveler.
Advanced technology is also being deployed to assist travelers wanting to travel across U.S. borders.
U.S. Department of State recently Announced Earlier this month, the State Department announced 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 says it will eventually be fully available in an effort to 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.