December 3, 2022

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Unforgettable trip

Travelers should expect to see price increases in almost all areas of travel, expert says

Tatiana White’s high school graduation brought family from Georgia, Maryland and Connecticut to Daytona Beach, Florida. But vacation inflation has them spending more for just about everything. 

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

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

The U.S. Department of Labor reported Friday that inflation accelerated across the U.S. in May, jumping to 8.6%. 

It’s not the only thing that is up—domestic airfare is costing flyers like Cruz 34% more than in 2019, according to travel app Hopper. 

Lodging is also more expensive than it was before. Airbnb prices are up over 11% in 2022, airDNA, a vacation rental research website found. Hotel prices are also up—as well as rental cars which went up more than 70% compared to 2020. 

“There are just so many expenses that people forget about when it comes to travel. But I do think the biggest pain point for people right now is those car rental prices,” Sally French, travel rewards expert for NerdWallet, said. 

Nerdwallet’s research finds it also costs more to do things on vacation. Eating out costs 7.2% more than it did last year, and tickets for movies and concerts are up nearly 6%. Gas prices are at a record high, with the national average nearing $5, according to AAA. 

Nearly 43% of Americans say that economic concerns are prompting them to reduce travel or cut their vacation budget.  

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