Rental Cars, Flights, Hotels: The Impact of Holiday Inflation on Travelers

Tatiana White’s high school graduation brought a family from Georgia, Maryland and Connecticut to Daytona Beach, Florida. But holiday inflation makes them spend more on just about everything.

For Evelize Cruz, her trip from Hartford to Daytona Beach cost her more than expected.

“I mean I wanted to keep it anywhere from $2,000, I’ll probably be closer to four [thousand] by the end,” she told CBS News’ Kris Van Cleave.

The US Department of Labor announced on Friday that inflation has accelerated in the United States in May, jumping to 8.6%.

That’s not the only thing that’s on the rise — domestic airfares are costing travelers like Cruz 34% more than they did in 2019, according to travel app Hopper.

Accommodation is also more expensive than before. Airbnb prices have risen more than 11% in 2022, according to airDNA, a vacation rental search website. Hotel prices are also on the rise—as well as rental cars which increased by more than 70% compared to 2020.

“There are so many expenses that people overlook when it comes to travel. But I think the biggest issue for people right now is these car rental prices,” said Sally French, travel rewards expert for NerdWallet.

Nerdwallet research reveals that it also costs more to do things on vacation. Dining out costs 7.2% more than last year, and movie and concert tickets are up nearly 6%. Gasoline prices at record highwith a national average hovering around $5, according to AAA.

Nearly 43% of Americans say economic concerns are causing them to cut back on travel or reduce their vacation budget.

“I was going to Antelope Canyon, Yosemite, Yellowstone,” said Sean Sherman, who was planning a family summer vacation. “I just said, look, we’re putting it on the back burner right now and it broke some hearts, but that’s the reality.”

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