See How Much the Average American Is Spending on Summer Travel in 2024
The majority of Americans will be going on vacation this summer — and they’re not exactly planning to stick to a strict budget either.
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In a Summer 2024 survey from GOBankingRates polling 999 Americans, only 25% of overall respondents said they wouldn’t be taking a vacation in 2024. For those Americans with vacation plans, how much are they planning to spend this year? Read on to find out.
Summer 2024: How Much Will Be Spent on Vacations?
Of those surveyed by GOBankingRates who said they would be going on vacation this summer, here’s how much they said they anticipate spending:
$0 to $99: 4.68%
$100 to $299: 10.43%
$300 to $499: 18.85%
$500 to $999: 20.86%
$1,000 to $1,999: 26.87%
$2,000 or more: 18.32%
Close to 30% of respondents with vacation plans surprised us when they said they would spend anywhere from $1,000 to almost $2,000 this summer.
Of the age ranges, the highest percentages belonged to ages 35 to 44 (30%) and 45 to 54 (also 30%) — a combination of elder millennials and Gen X generations. Gender breakdowns were also in fair alignment as 25% of women and nearly 30% of men said they will spend this amount during their summer vacation.
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Strict Spending Is Out, Planning Ahead Is In
If there’s one thing Americans aren’t planning to do during summer vacation this year, it’s nickel and dime their spending behaviors.
As noted above, less than 5% of overall Americans said they would keep their vacation spending under $100. Of the age ranges surveyed, the highest percentage belonged to ages 18 to 24 at 11%. As for men and women surveyed, only 5% of women and 2% of men said they planned to spend no more than $100.
In the current financial climate where the average American is reported to owe between $5,000 and $7,000 in credit card debt, one reason why many Americans will have fairly relaxed vacation spending may have to do with preparing for a vacation ahead of time.
When asked by GOBankingRates how they’re planning to save extra money this summer, 31% of overall Americans said they plan ahead for when to take a vacation or travel. The highest percentages of age ranges surveyed to plan ahead are ages 25 to 44 at 44% and ages 35 to 44 at 34%. In the gender breakdown, men and women surveyed matched at 31% each.
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This article originally appeared on GOBankingRates.com: See How Much the Average American Is Spending on Summer Travel in 2024