Inflation Will Take a Bite Out of Summer
Americans Cut Back on Travel, Restaurants, and Hotels so far in 2023
As inflation continues to rise in the United States, Americans have been forced to make some difficult decisions when it comes to their spending. Many have had to cut back on non-essential purchases, and summer travel will be no exception. Here are the top budget areas American’s are cutting in the first half of 2023.
Summer Travel Predictions
According to research by research firm Morning Consult, airfare spending has decreased by 33% between April 2022 and April 2023. The average amount spent on airfare has dropped from $49 in 2022 to $32 in 2023.
As the cost of living continues to increase, many Americans are asking why they should trade a big chunk of a month’s pay in exchange for an ordeal akin to treating foot fungus. For those who love to travel, this means finding alternative means to get to their destinations.
The travel industry, which relies heavily on air travel and hotel bookings, has seen a significant decrease in revenue as Americans opt to spend what discretionary funds they have (if any right now) on not being treated like the Unibomber is hiding in their flip flops.
When it comes to accommodations, Americans are also being forced to make some tough choices. Hotel bookings have decreased by 26% over the past year, with the average amount spent dropping from $79 in 2022 to $53 in 2023.
Is this a surprise? The average hotel room exceeds $200 a night in 2023. Why would we willingly choose to spend an entire day’s wages in exchange for a sketchy room with floors that look like a rogue AI background generator took over the carpet mill?
Food & Beverage
Dinner out for a family of 4 in the US in 2023 averages $52 (fast food), $78 (casual dining), $94 (mid-range dining) and over $120 at upscale restaurants.
It staggers the mind when you consider the cost of eating at a restaurant for the average American family. Now add to that the unbelievably bad service, poor food quality, shrinking portions and long wait times and it’s hard to understand why anyone would seek out this experience in 2023.
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