While richer people are expanding their footprint in the holiday travel mix, lower-paid ones are shrinking theirs: Households making under $50,000 are set to make up just 23% of travelers, down from 28% a year ago, Deloitte found.
Indeed, the luxury travel network Virtuoso said it’s seen seasonal bookings surge 37% since last year among its high-end clientele.
Some 64% of Americans plan to take more than one trip this holiday season, Deloitte found, up from 57% in 2023.
“These travel choices may suggest that people are looking to save money, likely choosing cheaper options to keep their travel costs down,” the researchers wrote.
Ted Rossman, senior industry analyst for Bankrate, said there are signs that “inflation continues to strain holiday travelers in a big way.” The consumer finance company found 86% of households making less than $100,000 annually expect to change their holiday travel plans due to cost increases (although a hefty 77% of six-figure earners said the same).
Persons:
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Organizations:
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Locations:
Mexico, Caribbean, Europe