Fifty Percent of Americans Shell Out Less Than $1,000 on Vacations
Shocking as this may seem, nearly half of Americans manage to spend less than $1,000 on vacations each year.
What’s more, according to a new survey from Lending Tree, only around 16 percent of Americans spend $3,000 or more on vacations.
The Lending Tree Vacation Survey also found that about two in five respondents primarily fund their vacations with cash. In other words, they’re not relying on credit cards to fund an extravagant lifestyle.
Perhaps the downside of all of this frugality is that many Americans aren’t even vacationing. Lending Tree found that one in five respondents don’t take any leisure trips during the course of a year.
The reason behind this? Money. Not entirely surprising given the skyrocketing cost of living in the United States.
Not being able to afford a vacation caused 46 percent of respondents to skip one in the past year. Approximately 55 percent of millennial travelers and 49 percent for Gen Xers have not taken a vacation in the last year due to affordability.
Forty-four percent of respondents in the Lending Tree survey said cost is the most important factor when planning a vacation.
Some of the study’s other key findings include:
—Baby Boomers are faring much better on the vacation front, with just 35 percent reporting they skipped a vacation this year because they couldn’t afford it.
—Around 66 percent of Americans wish they could save more for vacations, especially millennials (74 percent) and Gen Xers (72 percent). Once again, the baby boomers are struggling less: Only 52 percent wish they could increase their vacation savings.
—34 percent of Americans have been in vacation-related debt and 1 in 10 is currently still in debt.
Source: Travel Pulse