America is gearing up to travel again this holiday season.
Nearly one-third of Americans plan to spend more this year on holiday travel than they did in 2009, according to a new survey from American Express.
The study found that, on average, travelers expect to spend $460 per person during the next two months. That means the typical family of four will spend about $1,800 this holiday season.
According to the report, which is based on surveys with more than 2,000 adults, about a quarter of those who expect to spend more this year will do so by taking a longer vacation than the year before, and 20% plan to spend more dining out. Meanwhile, 8% of those who plan to spend more will dump more money into flying first class or business. That should come as welcome news for airlines and restaurants alike.
Still, many consumers remain cautious about spending money to travel this holiday season. At the moment, 61% of Americans do not yet have travel plans, and of those, 30% say they will not go anywhere because they don’t have enough money to travel. Similarly, 10% of consumers plan to travel during the off-season instead, with many citing the price difference as their main motivation for doing so.
Strangely, it seems many wealthy Americans are very focused on cutting their vacation spending this year. The survey found that 10% of affluent consumers (with an annual household income of at least $100,000) plan to forego holiday travel because of money problems, and nearly half of those who do plan to travel will stay with friends or family to cut costs.