Asignificant number of Americans have given up on going on vacation this summer due to the high cost of living, according to an exclusive poll for Newsweek.
Forty-four percent of respondents to a survey conducted by Redfield & Wilton Strategies on behalf of Newsweek between June 27 and 28 said they won’t be traveling anywhere in the next three months, with a majority of 53 percent saying they would have gone on vacation had the cost of living been cheaper. The survey was run among 2,500 eligible U.S. voters.
Among those who said they intend to travel abroad (17 percent), domestically (29 percent) or both (10 percent), a majority of 64 percent said their plans had been affected by the high cost of living. Fifty-five percent said that they’re now traveling to a cheaper destination than they would have otherwise visited; 45 percent said they’re using a cheaper way of transportation; 30 percent said they’re staying in cheaper accommodation.
Gen Xers were the most likely to say they would have gone on vacation if it was cheaper (57 percent), followed by millennials (54 percent), and boomers and Gen Zers (50 percent each).
“Life has gotten a lot more expensive in recent years, which is why so many people are struggling to afford vacations,” Ted Rossman, senior industry analyst at Bankrate, told Newsweek.
