36% of Americans Will Take on Debt for Summer Travel in 2024, Survey Shows
A new survey reveals that 36% of Americans planning summer vacations in 2024 are willing to take on debt to fund their trips, while 47% will skip vacation altogether due to affordability concerns.
Key Survey Findings:
- 53% of Americans plan summer travel (36% domestic, 15% international, 12% staycation)
- 62% will use credit cards for travel expenses
- 43% plan to pay credit card bills in full
- 26% expect to carry a balance across multiple billing cycles
Woman floats in blue pool ring
Demographics of Summer Travelers:
- Gen Z (60%) and Millennials (61%) are most likely to travel
- 74% of households earning $100,000+ plan summer vacations
- Urban residents (61%) are more likely to travel than rural residents (44%)
Reasons for Skipping Summer Travel:
- 65% cite affordability as the main barrier
- 24% lack interest in traveling
- 13% cite health or age concerns
- 11% consider it too much hassle
Alternative Financing Options:
- Personal loans: May offer lower interest rates than credit cards
- Buy now, pay later (BNPL) services: Interest-free payment plans
- 0% intro APR credit cards: Interest-free periods for 12-21 months
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Financial experts recommend using travel rewards, airline miles, and hotel points to offset vacation costs. For those unable to travel, planning local activities or staycations can provide a budget-friendly alternative for relaxation and recreation.
Methodology: YouGov surveyed 2,360 US adults online between March 18-20, 2024. Results are weighted to represent all US adults (aged 18+).