Summer odysseys are impacted by customs duties and inflation, according to a novel assessment.
Let's chat about the summer travel scene and how it's shaking up for many folks these days.
Over 45% of Americans, according to a WalletHub survey, have admitted that the current tariffs are interfering with their travel plans. That's a significant chunk right there! The number rises to 63% when you factor in how inflation is also impacting their vacation vibes.
The survey also pointed out that a staggering 70% of Americans are sleepless nights worried about the impact of a weakening dollar on their global jaunts.
John Kiernan, WalletHub's editor, got the lowdown on this: "Between the ongoing economic turmoil and the onset of the vacation season, it's no surprise that almost half the population is fretting about tariffs cramping their travel style. With inflation rearing its ugly head for the better part of the past few years, it's not hard to see why people are feeling the pinch."
The survey goes further to reveal that as many as 2 out of 3 Americans are planning to keep a tight grip on their vacation budgets and reduce their splurging this summer compared to the previous year. And, more than 40% of the folks plan to play the credit card reward game to fund their getaway this season.
Interestingly, the survey highlights that a great number of us still owe our credit card companies for past vacations. Apparently, nearly one in five Americans is yet to clear the bills from their last holiday escapades.
Kiernan advises, "If you're dead set on traveling, I suggest looking for every opportunity to save your hard-earned cash, ranging from following a strict budget to snagging a travel credit card with a tempting sign-up bonus. Trust me; you'll have a way better time if you're not haunted by the specter of overdue travel expenses and interest payments looming like a storm cloud."
- The current tariffs and inflation are causing concerns for many Americans about their summer travel, as over 45% have admitted that tariffs are interfering with their travel plans and 63% are affected by inflation.
- With 70% of Americans worried about the impact of a weakening dollar on their global travel and over 40% planning to use credit cards to fund their summer getaways, the survey encourages consumers to look for ways to save money, such as strict budgeting and using travel credit cards with sign-up bonuses to reduce the burden of overdue travel expenses and interest payments.
