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54% of Americans plan to slash travel, entertainment spending: Survey

According to a recent survey by Bankrate, 54% of Americans are planning to reduce their travel spending in 2023 due to economic concerns, marking a significant shift from the previous year when many used their savings for travel. The survey highlights that rising costs and economic uncertainty are prompting this change, with 78% of respondents citing inflation as a major factor influencing their decision to cut back on travel expenses. This trend is particularly pronounced among lower-income households, with 61% of those earning under $50,000 annually planning to decrease their travel budgets, compared to 48% of those earning over $100,000. Additionally, the survey found that only 22% of Americans plan to increase their travel spending, while 24% intend to maintain their current level of travel expenditure.

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[ https://www.yahoo.com/news/54-americans-plan-slash-travel-135110209.html ]