90% of Americans Plan To Travel in 2024, but More Than Half Say Cost Impacts Their Plans

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According to a survey by IPX1031, 90% of Americans plan to travel at some point in 2024, and 50% plan to travel more than they have in previous years. Of that number, 85% plan out-of-state travel, while 38% plan an international excursion.

Tired of dealing with the high cost of living, demanding jobs, and negative news, many need a break. Travel is the remedy.  

While international tourism returns to pre-pandemic levels, the high costs of airfare, accommodations, and more force many to tinker with their plans.

Some people opt for a staycation to stay on budget, while others take advantage of a workcation — a trip that combines the ability to work remotely with a vacation. Others look for ways to earn additional money to help cover the cost of their travel plans.

Vacation, Staycation, Foreign, or Domestic?

Around one-quarter of survey respondents say they plan to travel for business, though one in five say their getaways will be a “workcation,” or a trip comprising both remote work and respite.

The results show increased cost-saving measures, with 46% of respondents opting for a “staycation” this year. This collective shift toward low-cost leisure shows travelers want to mitigate financial burdens when planning vacations.

The U.S. Economy vs. American Travelers

While recession fears ease up, more than half of Americans surveyed said the economy has impacted their travel plans. While 15% of respondents have postponed or canceled a trip due to cost, two out of three are budgeting about $5,300 for 2024 travels.

Many are figuring out how to travel without breaking the bank. One popular way to cover travel expenses is using credit card points or travel rewards; around 58% of people surveyed plan to fund travel using rewards or points.

“We are planning a summer family vacation to Ireland and are turning to airline credit cards to help cover the cost of half of the flights,” shares Monica Fish, a frequent traveler. “International airfare continues to go up and up, and only paying for two of the four flights saves us $2,200.”

Tiffany McCauley of The Gracious Pantry purchases airline tickets early, hoping for the best price. She also uses other strategies. “I make sure I pick the cheapest airport in Europe because I know I can catch a super cheap flight to where I really want to go once I’m inside of Europe.”

Even with rising costs and worry about affordability, travel remains a priority for Americans, though, as 48% use it as a primary determining factor when budgeting and making financial decisions.

Because of the high cost of airfare, some travelers (63%) turn to road trips to try to cut costs. But even these vacations can be costly when one considers fuel costs, accommodations, food, and car maintenance, not to mention rental car prices.

Other Ways of Funding Travel Plans

Many Americans consider side hustle opportunities to cover travel costs. In 2023, almost half (45%) of Americans had a side hustle. Those with side gigs averaged an additional $483 monthly. Budget-conscious consumers can also use various apps to earn free gift cards. Some apps reward users with points by uploading receipts, watching videos, or completing surveys. Users can redeem in-app points in exchange for gift cards.

Frugal travelers can also play games that pay money. Here, users can withdraw cash earnings to pay for travel or exchange points for gift cards. 

Because flying can be costly, some travelers rely on other modes of transportation, like car, bus, or train. While train travel is more cost-effective than flying, train passengers should prepare to sacrifice travel speed for lower costs.

Other travelers look for inexpensive accommodations. Services like Airbnb and Vrbo offer deals for those with flexible schedules or who book at the last minute. People looking to reduce accommodation costs significantly can consider house swapping, hostels, or campgrounds.

Having a saving mindset is also critical. Alec Sills-Trausch, photographer and founder of Explore With Alec, says, “I live using a saving mindset that focuses on saving for experiences, not things.” Shifting one’s spending and prioritizing what is important can make it easier to have the money to travel.

This article was produced by Media Decision and syndicated by Wealth of Geeks.