It’s almost certain you’ll pay more for the same trip in 2022 than you did in 2021. But how much more?
Inflation is crushing almost all aspects of Americans’ budgets — including their vacations. Prices rose on average 7.9% for the past 12 months ending in February 2022, according to the U.S. Department of Labor. And one major travel expense rose way more than that: Rental car prices skyrocketed 24% year over year.Inflation is crushing almost all aspects of Americans’ budgets — including their vacations. Prices rose on average 7.
Don’t let the averages guide your travel budget Several organizations put a tremendous amount of effort into understanding how much people spend on travel. Travel styles are highly variable, and you can’t always base your personal budget on a nebulous average sourced from travelers with wide-ranging preferences.
Here’s how those numbers shook out for airfare, travel lodging, rental cars, dining out and entertainment . This is good news considering that airfare and lodging tend to be the biggest chunks of any vacation budget .Lodging prices are volatile Hotel pricing is consistently higher in August compared to February, likely due to seasonal travel demand.
Meanwhile, many hotels are cutting back on amenities including daily housekeeping and room service. Hospitality companies blame factors including high demand, staffing shortages and supply chain issues. Tap to View Food prices consistently rise every year, including in the COVID-19 era. In February 2022, the cost of food away from home is up nearly 7% versus February 2021 and nearly 11% versus February 2020.
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