A survey on Americans’ plans for summer travel (or lack thereof) found that more than half the population are not planning on taking a vacation, and that even more are implementing new money-saving tactics this summer.
The survey performed by Chase Card Services, a division of JPMorgan Chase Bank (NYSE: JPM), originally set out to determine what people were planning to do this summer, but it sort of evolved into almost an investigation of how people plan on saving money and cutting costs, not even necessarily vacation related.
The two go hand in hand as we have shown in articles on other surveys made available in the months leading up to the summer because vacations are probably the most unnecessary expenses in people’s budgets. (Although one may argue they are in fact the most necessary.)
In addition, people tend to feel guilty spending so much money in one shot especially on such an intangible object, so either they justify it by cutting costs in other places or reduce their vacation budget altogether by going somewhere close to home (58 percent) or staying with friends or family (51 percent).
Survey finds a “new normal” summer spending behavior
Nevertheless, the survey found that Americans are approaching this travel season very cautiously and of the majority who are not traveling, 39 percent are doing so for the purpose of saving money. Perhaps when prompted with questions about summer vacation spending and saving, people responded that they ultimately want to save money; no one wants to be seen as a frivolous spender.
This is further reinforced by the fact that people are trying to save money in a variety of other ways including do-it-yourself projects and reducing summertime expenses. It seems that Americans are adopting more moderate spending behavior in general.
Back to the topic at hand, the study found that not only are consumers being more frugal and selective in their summer spending, but they are avoiding increased travel costs, like flying and long drives due to high cost of gas prices (25 percent), and are even setting budgets for their summer vacations (57 percent).
What are your summer vacation plans and how are you cutting costs (or not) to make it possible? Tell us in the comments section below. If this article just got you thinking about taking a vacation, check out our Bargain Tracker which frequently offers valuable travel deals.