Poll: Finances will keep many home. And most who'll travel aren't going far.
The number of vacationing Americans will be down this summer, according to a new poll – and one-third of those surveyed said they had already canceled at least one trip this year because of financial concerns.
Overall, the AP-GfK Roper poll found 42 percent of Americans plan a leisure trip this summer – down from the 49 percent who said they planned a summer trip in an AP-Ipsos poll conducted in May 2005.
Not surprisingly, the less money you make, the less likely you are to take a vacation. More than two-thirds of those in the $100,000-plus bracket will take some type of leisure trip this summer, compared to 48 percent of those earning $50,000 to $100,000.
Just one-third of those with family incomes under $50,000 plan a vacation trip.
In terms of destinations, 12 percent of those planning a trip said they would stay in their home state, 67 percent will go to another state and 19 percent will travel outside the U.S.
The poll also found that 20 percent of those planning a summer trip will stay closer to home this year due to economic worries; 23 percent will save money by staying with friends or family instead of a hotel.
Despite the downturn, travel bargains are tempting a small number of people – mostly upper-income – to take bigger and better trips. About 7 percent of all Americans and 18 percent of those earning more than $100,000 said they would take more elaborate trips than usual because of lower prices.
Arch Woodside, a professor of marketing at Boston College who specializes in tourism, described the overall decrease in summer travel as “a substantial drop” that will have a significant impact on the industry, especially in places like Florida and New York City where tourism is big business.
Woodside said travel could shrink even more next year as new economic realities sink in.
“Most people unconsciously maintain their lifestyles immediately after a big drop in their economic well-being: an ‘I'm going to be all right' response,” Woodside said. “The impact of their new lower economic reality becomes conscious reality in the second year following a big change.”
Age-wise, 30- to 49-year-olds were most likely to travel, with 48 percent planning a trip. Among those ages 18-29, 43 percent said they would travel, and among those ages 50-64, 41 percent plan a trip.
The real drop-off is among older folks: Just 34 percent of those 65 or older plan to travel this summer.
