PYMNTS Intelligence recently surveyed more than 2,200 U.S. consumers to find out if — given the economic angst we are seeing — family getaways, trips to the woods, caravans to the beaches and other old-fashioned summer travel plans are still in the cards. Not only are many consumers planning to get away, but they are willing to be flexible and make trade-offs to ensure they can beat their summertime blues.
Key Findings
How many summer travel trips are consumers taking?
It’s official: Summer travel season has arrived. Millions of U.S. consumers are chomping at the bit to pack their bags and take off on one big trip. Or will they be taking two trips? Three? As PYMNTS Intelligence found, in many cases, U.S. consumers are prepping for getaways — plural. While 36% say they plan to take one vacation in the coming months, 16% are planning for two. It also seems that 5% really needed a break, as they are planning four trips or more.
Roughly 45% of baby boomers and seniors say they are not planning any summer travel or they are undecided. Forty-one percent of Gen Z respondents are packing for one getaway. Nearly as many Gen X (40%), bridge millennials (38%) and millennials (37%) are as well. Sixty-five percent of Gen X, 66% of bridge millennials and 63% of millennials are planning multiple trips.
Will only high rollers be on the highways for summer travel?
Nearly 4 in 10 consumers earning more than $100,000 plan at least one getaway this summer. However, just as many high-earning consumers, 38%, are planning for two, three, or more vacations.
However, higher incomes alone do not determine summer travel plans. Yes, 39% of those annually earning less than $50,000 say they have no summer travel plans and 17% are unsure. Forty-four percent are rolling the dice and planning to take at least one trip this summer.
Meanwhile, 65% of consumers who live paycheck to paycheck with no issues paying bills also plan to hit the road. Even 44% of paycheck-to-paycheck Americans who with issues keeping up with bills still plan to get away at least once.
The moral? Regardless of how much belt-tightening is required, a sizable portion of Americans recognize the very real need to take a break and are willing to prioritize their spending.
When will consumers be on the road for summer travel plans?
July appears to be the sweet spot for making summer travel plans. While 44% of Gen Z respondents planning to travel say they will in June, another 54% have their eyes on July. Nearly half of millennials who intend to travel will join them in July, as will 48% of bridge millennials and 40% of Gen X.
Even though 10% of baby boomers and seniors are still on the fence about their summer travel plans, 45% of them who will be traveling are planning June getaways. After that, their numbers dip for the following two months, but 36% will be traveling in September. Do they avoid mid-summer trips to dodge younger travelers who have their eyes on June and July? Are they avoiding the heat? It’s unclear exactly why, but 36% of baby boomers and seniors are planning trips in September.
The September stats also tell another tale. While one-third of U.S. consumers not living paycheck-to-paycheck are planning September getaways, just 17% of paycheck-to-paycheck consumers have post-Labor Day plans. This is possibly because September means it is time to get back to work for them.
What trade-offs are travelers willing to make?
Generation Z vacationers are not afraid to rough it. PYMNTS Intelligence data shows that Gen Z consumers put a higher premium on having adventurous experiences than those of luxury. Additionally, Gen Z travelers care little about high-end accommodations or travel time. Instead, they seek exotic locales, culinary surprises and off-the-beaten-path activities. In fact, just 11% of Gen Z respondents say traveling on their preferred dates is most important. In contrast, the other age groups surveyed say traveling on specific dates, including 21% of Gen X vacationers, is a priority.
Adhering to a preferred travel itinerary is not the only priority for Gen X respondents; 24% also say the quality of their summer travel accommodations is a top priority, while only about 8% consider the quality and variety of activities and cuisine are important.
These findings suggest that “time” and “place” are especially important to Generation X travelers. This reflects that 19% say they will be traveling with kids or grandkids in tow, which can dampen the spirit of adventure and make rigid scheduling a must.
Strength in numbers
Lodging, food, fuel and adventure are not cheap, and given the current economic uncertainties, rising costs can dampen summer travel fun.
One way to soften the expenses is to do what consumers have done for generations: defray those costs by vacationing with fellow travelers.
Our data reveals that a significant percentage of consumers — regardless of annual earnings or financial lifestyle — are doing just that: counting on their travel companions to help cover their expenses. For instance, 46% of those living paycheck to paycheck with trouble paying their bills expect others to pay for more than half their travel costs.
This cost-sharing helps explain why so many paycheck-to-paycheck consumers can afford summer travel: they plan for others to help pick up the tab.
Still, 44% of those who do not live paycheck to paycheck lean on others to help pay travel expenses. Similarly, 49% of those annually earning less than $50,000 expect others to pick up half their travel tab. 52% of those earning more than $100,000 expect the same.
As the chart above illustrates, the preferred travel companion — across all age groups — is a spouse or a partner. This is true for 67% of baby boomers and seniors, 69% of Gen X, 70% of bridge millennials, 63% of millennials and 47% of Gen Z. While not surprising, it is somewhat ironic that the ones consumers are counting on to help cover summer travel costs are likely to be those they share household expenses with the rest of the year.
Conclusion
Our data also revealed that most consumers anticipate spending more on their summer travel this year than last year. The two main reasons? Thirty-five percent say it is because they now earn more and want to indulge. For 34%, the reason is much more elementary: things simply cost more than they did a year ago.
Regardless of the costs, their financial lifestyles, their annual incomes, or any generational differences, one conclusion is inescapable. When summer travel season rolls around, consumers need a break. And it appears they plan to take one (or more) in the coming months.
