Travel costs and inflation continue to challenge travel. Destination Analysts reports that recent inflation in consumer prices has led travelers to cancel an upcoming trip with 57 percent of travelers stating that if gasoline prices don’t come down, they will be taking fewer road trips this fall/winter.
Most residents feel that the United States will enter an economic recession sometime this year. More than two-thirds (67.6 percent) of Americans state that they are being careful with financial decisions due to concern about an upcoming recession. Nearly 80 percent of Americans state that their caution with money includes reducing expenditures on travel.
In September, American residents reported a 58 percent decrease in leisure travel spending in the next three months. More than 20 percent of travelers state that in the next 12 months they expect to travel less for leisure.