Nearly two-thirds of Americans (65%) say travel is a luxury, a new survey revealed.
The survey from CardRates found that despite the desire to travel, nearly two in five Americans are cutting back on trips this year. An overwhelming 88% attributed their reduced travel plans to the rising cost of living.
The survey found that one in three plans to postpone trips for at least six months due to high travel costs. Additionally, 17% are going on vacation even though they can’t afford it, and 15% are incurring debt to make their vacations possible.
Despite these financial hurdles, many Americans are still willing to prioritize travel. One in three respondents say they value travel experiences more than financial stability, and nearly half of those planning a vacation this year intend to splurge during their trips.