RUNNING RIGHT INTO SUMMER

Ready or not, here it comes.

Just the facts - Summer 2023 Travel Statistics

From 05/14/23 NBC News article: "This summer’s travel trends: Shorter, cheaper trips and more driving - unless you’re rich"

• Inflation slowed to 4.9% in April 2023 after having peaked at 9.1% in June 2022

• 63% percent of U.S. adults plan to travel this summer. (vs. 61% this time last year)

• Among households earning over $100k annually, 81% are likely to take summer vacations this year. (vs. 75% last year)

• Among households earning under $50k annually, 54% are likely to take summer vacations this year. (vs. 56% last year)

• 80% of travelers report that they’re looking for ways to economize instead of canceling vacation plans - choosing drive-in markets as destinations, opting for less expensive accommodations & shorter trips.

• Airline ticket prices have fallen by less than 1% from a year ago.

• Gasoline prices are down by more than 12% over 2022.

• Rental car rates have fallen by more than 11% over 2022.

• 26% of vacationers plan to drive rather than fly this summer. (vs. 16% last year)

• 29% of summer travelers will be choosing cheaper accommodations or destinations

• 26% will be traveling for fewer days.

Read the whole article here

I’m always happy to discuss any of this with you further. Please reach out to me for more information on our referral program or property management program.

Kathy Harr

alabamabeaches@itrip.net

251-422-3546