Despite high inflation and tighter budgets, the forecast is for crowded highways and airports this Memorial Day weekend. The tourism industry expects millions of Americans to travel this weekend, kicking off the busy summer season.How are Americans traveling?• Road TripsThe cheaper gas prices are leading more Americans to consider road trips as an alternative. About 37.1 million Americans are expected to reach their destinations by car this Memorial Day, a 6% increase from 2022, according to data from the AAA travel group.
Car rental prices have dropped 17% compared to last Memorial Day weekend, according to travel booking site Hopper. And gas prices are also 10% lower than a year ago (AAA).• FlightsAbout 3.4 million people are expected to take a flight this weekend, an 11% increase year over year (AAA).
Domestic airfares have dropped this Memorial Day, with prices 26% lower (almost $100) compared to last year (Hooper).
International travel, on the other hand, is the most expensive in 5 years, with a 50% increase compared to pre-pandemic years for Europe, for example (Hopper). The airfare to Asia is 70% more expensive compared to 2019 prices.• Cruises, Buses, and TrainsAbout 1.85 million Americans are expected to travel by bus, train, and ship, a roughly 21% increase from last year, AAA data showed.
Domestic cruise bookings for this weekend have increased by 50% compared to 2022 – AAA.
Bus fares have dropped, averaging 37% lower than last year, according to travel research platform Wanderu.
Train fares, on the other hand, have nearly doubled compared to 2022 (Wanderu). But despite the fare increase, trains in the U.S. are expected to carry over 213,800 passengers during this extended weekend, representing a 54.9% increase from last year, according to Amtrak, the national passenger railroad.Source: Reuters