As a new report shows inflation is making travel by both car and plane more expensive, nearly half of Americans say higher prices could ruin their winter travel plans.
According to a new WalletHub survey, 49% of Americans said higher travel costs could ruin their upcoming plans. Some travelers, however, appear willing to absorb the added expense. The survey found 30% of Americans believe travel is worth going into debt for.
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The survey also found 30% of respondents are still paying off travel debt from last winter, while 27% said they are very stressed financially by travel costs.
The survey was released the same day the consumer price index showed prices for goods and services increased 3.7% over the past year. Among travel-related expenses, lodging away from home was 4.4% more expensive, airline fares were up 22.4%, and car rentals were 9.1% more expensive.
Despite the higher prices, Delta CEO Ed Bastian said in an interview with CNBC that many travelers are accepting the increased cost of travel.
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“Fuel has been the impetus for the industry to move quickly to adjust the pricing environment,” he said. “But given the fact that the market has accepted these price points… I think where we’re at is very sustainable.”
