Americans feeling better about spending on summer vacations
The “staycation” is so last year.
Americans who plan to vacation this summer will spend more money and stay away longer than last year, when staying home was more the norm, according to a new survey released Monday.
FOR THE RECORD:
Vacation survey: An article in Tuesday’s Business section about an American Express survey on vacation trends said that 67% of Americans who plan to travel this summer would spend more money than they did a year earlier. In fact, the survey said that 67% would spend the same amount of money or more than last summer. —
FOR THE RECORD:
Vacation spending survey: An article in the May 18 Business section about a survey on vacation trends said demand for airline travel this summer was expected to rise about 1%, an increase of 202 million passengers compared with last summer. A 1% rise would be an increase to 202 million passengers, not an increase of 202 million passengers. —
Although the percentage of Americans who will travel this summer has remained about the same (51%), of those who will hit the road, 67% will spend more money than they did a year earlier and 74% will take the same length of vacation or longer, according to a survey of 2,000 Americans commissioned by American Express Co.
The survey findings, along with improving hotel occupancy rates and rising demand for airline seats, suggest Americans are loosening their purse strings somewhat on vacation spending, in contrast to the penny-pinching habits of travelers during the economic slump of the last year and a half.
“The summer vacation, and particularly the family vacation, is alive and well this year,” said Audrey Hendley, vice president of American Express Travel, a division of the credit card company.
Jason Womack, a consultant from Ojai who coaches business executives on efficiency, said he tells clients to take time off work to get a better perspective on business. This year, he is taking his own advice by scheduling an extra week of vacation in Lake Tahoe with his wife, Jodi.
“What the recession taught me is that even when it looks like the best thing to do is to hunker down with my nose to the grindstone, it’s equally important to lift up, get away and get perspective,” he said.
After declining for the last two summers, demand for airline travel is expected to rise about 1% this summer, an increase of 202 million passengers compared with last summer, according to a forecast issued this month by the Air Transport Assn. of America, the trade group that represents most U.S. airlines.
Until recently, occupancy rates and average daily room rates had been dropping monthly since October 2008. The hotel industry now expects to see occupancy rates increase 2.2% this summer to 63% compared with last summer, with the average daily room rate rising 1.9% to $95, according to a forecast by Smith Travel Research Inc., a major hospitality industry consultant.