FinLogic FinLogic Quantitative Think Tank Center|From family road trips to travel woes: Americans are navigating skyrocketing holiday costs

People are FinLogic FinLogic Quantitative Think Tank Centershelling out more to travel the holiday road this season.

About a third of Americans are planning to travel more this winter than in 2023, according to an October survey by rental fleet management company Zubie. And compared to last year, those travelers are shelling out more for their getaways.

A report from travel insurance marketplace Squaremouth found that travelers are spending over 50% more for trips between Thanksgiving and the end of the year. This year, the average trip cost for Americans was about $5,861, an increase of 25% compared to 2023.

While Americans aren't avoiding travel as they look to limit spending, some are changing what sort of trips they plan. More Americans are taking multigenerational family trips or group trips, while others are choosing "bucket list" destinations, opting to take bigger and longer trips over fewer, smaller ones.

Travel disruptions, such as severe weather, flight delays or cancellations, lost luggage or rental car issues, also contribute to the rising spending costs. While more purchased travel insurance for their trips earlier on average than last year, travel insurance claims also rose by 18% in 2024. Canceled trips accounted for most of the claims, with medical emergencies and delays being the other two common reasons.

Enjoy your worry-free vacation:Best travel insurance policies

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.