Despite easing inflation, more than four in five people are scaling back or changing their travel plans for this year’s Halloween season.
According to a recent survey by Bankrate, 83% of respondents said they would change their Halloween travel plans due to inflation.
The most common change that travelers would make was shortening the length of their trip (32%), followed by switching to a cheaper travel package or destination (30%), driving instead of flying (28%), and spending less on activities (25%).
Other changes included taking fewer trips, using a mileage, points, and loyalty program, and flying instead of driving, each accounting for 23%, and traveling shorter distances instead of longer distances at 21%.
Only 17% of respondents said inflation hasn’t affected their travel plans for this holiday at all, and they plan to stay on track.
By income level, 86% of those earning $50,000 or less and $50,000 to $79,999 per year, 85% of those earning $80,000 to $99,999 per year, and 77% of those earning $100,000 or more said they would change their travel plans due to inflation, indicating that the majority are scaling back regardless of income.
By generation, Millennials (28-43 years old) were the most likely to change their travel plans at 86%, followed by Gen Z (18-27 years old) at 84%, Gen X (44-59 years old) at 83%, and Baby Boomers (60-78 years old) at 72%.
When it comes to paying for travel, 45% use a debit card or cash, 37% use a credit card, and 24% use points and miles.
About 22% paid in credit card installments, 13% used help from family and friends, and 10% used the Buy-Now-Pay-Later option. In addition, 29% of all respondents incurred debt from traveling.
Only 11% of respondents said they would stay in a hotel or short-term rental like Airbnb for Thanksgiving and 14% for Christmas. The average amount they plan to spend on a hotel or short-term rental was $854 for Thanksgiving and $950 for Christmas.
The number of respondents who said they would fly was 14% for Christmas, compared to 8% for Thanksgiving, with average airfare expected to be $925 for Thanksgiving and $1,165 for Christmas.
Bankrate’s tips for saving money on travel include booking flights on Sundays, when they’re cheapest, and flying midweek, ideally on a mileage-earning flight.
If you’re traveling by car, pack snacks and a lunch, and try to avoid the worst traffic days. Depending on the hotel, paying with a credit card can earn you points, as well as perks like free breakfast, overnight stays, and late checkout.
Paying with a credit card has a high average interest rate of 20.65%, so you can save by using a card that has an interest-free offer for a limited time and paying it off before the promotion ends.
BY NAKI PARK, HOONSIK WOO [woo.hoonsik@koreadaily.com]
