A new poll finds that most Americans have given up hope of taking a summer vacation because they can no longer afford it.
According to Newsweek and Redfield & Wilton Strategies, 44% of people surveyed said they plan to maintain their status quo over the next three months as the cost of living continues to rise. The poll was released Thursday.
According to the survey, more than half of respondents (53%) said they would have taken a summer trip if it had been cheaper.
Of those planning to travel this summer, 64% said the rising cost of living has affected their travel itineraries.
The majority of travelers (55%) are choosing cheaper destinations, and 45% are finding cheaper ways to get to their destination.
A further 30% said they were looking for more affordable accommodation.
Gen Xers (57%) are most likely to continue traveling if costs fall, while 54% of millennials and 50% of baby boomers said they would continue traveling if they could afford it.
The survey results come as rising inflation and stagnant wage growth have driven up the cost of living, leaving a growing number of Americans struggling to cope with the rising cost of living.
Since President Biden took office, inflation has soared 17%, and food prices are 20% higher than they were before the COVID-19 pandemic.
Still, not all Americans are willing to give up on their summer vacation plans.
A Bankrate poll conducted in April found that 36% of Americans would be willing to go into debt to cover travel expenses.
The Newsweek poll was conducted June 27-28 among 2,500 U.S. voters.
