29% of Vacationers Say ‘Improved Finances’ Enable Summer Travel

July Fourth is just around the corner and, if you haven’t already done so, there is still time to make last-minute travel plans. But be warned: about half of Americans who plan to travel already have their vacation itineraries mapped out. 

In fact, according to PYMNTS Intelligence’s summer travel edition of our “Consumer Credit Economy Monitor” report, 48% of U.S. consumers who intend to travel this summer had their plans in place as of April. 

Why the impatience? PYMNTS Intelligence found several key factors are driving consumers to travel more this year. Forty-one percent of those consumers who are vacationing this summer say they simply have a greater interest in traveling, and that is the reason they want to get out of town (21% say it’s their top motivation). In other words, many Americans may be suffering from post-pandemic cabin fever.

Optimism around money-related matters is also a major motivator. Twenty-nine percent say improved personal finances sparked their yearning to travel, while 19% credit having stable employment. Similarly, lower travel costs are inspiring 16% of tourists, while 12% say their faith in the economy is driving their vacation plans.

But just because consumers are optimistic about their finances doesn’t mean they aren’t concerned about travel costs. According to our report, those with travel plans this summer anticipate spending about $2,400 on their getaways — and 78% say they plan to pay for at least a proportion of their trip with a credit card. 

The eagerness to travel isn’t limited only to tourists. As PYMNTS reported recently, business travel is on the rebound as well. 

Merchants and agencies have taken note of this uptick in the urge to travel and are responding in kind. For instance, as PYMNTS recently reported, Starbucks is teaming up with Marriott’s marketplace Bonvoy to enable loyalty account holders for both brands a chance to earn points they can apply to free food and beverages, as well as rewards at select Marriott destinations.

For those travelers seeking a more immersive experience, Sabre Hospitality — a travel software and technology provider — recently introduced a solution that enables select hoteliers to sell travelers unique experiences, services and goods that can be purchased through virtual storefronts. The company also launched an artificial intelligence (AI)-powered retailing platform that gives airlines the ability to offer travel solutions customized to meet the needs of individual travelers. 

Advanced technology is also being deployed to aid those travelers who are itching to go beyond U.S. borders.

The U.S. State Department recently announced earlier this month that it is beta testing a platform that will allow consumers to renew their U.S. passports online. Although access to the platform is currently limited, the State Department said it will eventually be fully available to streamline the passport renewal process.

Not to be outdone, the TSA, the Department of Homeland Security and the U.S. Customs and Border Protection have all announced they are developing digital functions to simplify meeting travel requirements going forward.

Despite ongoing concerns about inflation, consumers and businesses alike are feeling optimistic enough about the economy to make travel plans in the months to come, and leaders in the hospitality industry — and even government agencies — are doing their part to make summer trips a little smoother.