72% of Americans plan to travel this summer, a Bank of America analysis finds. Bank of America’s Head of Consumer and Business Products Mary Hines Droesch, joins Wealth! with cost-saving vacation tips and analysis of the travel sector as a whole.
One of the pitfalls travelers face is not having or sticking to a budget, though 84% of people say they will have one, Hines Droesch says. She recommends that travelers lay out every aspect of the trip, from excursions to souvenirs, and then think about how to mitigate costs.
In April, 36% of Americans had already planned their summer vacation, Hines Droesch states. That means transportation and accommodation are expensive and inflexible at this point in the year, she notes. She notes that one popular destination this year is Japan, given the dollar’s strength relative to the yen. There is also a "tremendous" interest in cruises, with travel spending up 12% in the category.
As the "Great Wealth Transfer" approaches, Hines Droesch notes that young people who prioritize more expensive, "out-of-the-norm" vacation experiences may be able to continue undertaking this kind of travel.
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