The July 4th holiday period saw more than 72 million Americans traveling, most of them by car. But that huge figure might be somewhat misleading in terms of what the rest of the summer travel numbers might look like.
The latest research from Longwoods, which tracks traveler behavior, shows a growing number of Americans are not just deciding to stay closer to home this summer, but they are also cutting down on their spending.
Thirty-seven percent of U.S. travelers are planning to cut back on retail purchases, 32% expect to spend less on entertainment and recreation, 28% will spend less on food and beverage, and 22% expect to spend less on lodging.
Couple that with a significant drop in foreign travelers to the U.S., and you have the makings of a buyer’s market, not just domestically, but for overseas travel as well.