Summer Vacations Being Put on Hold Due to Inflation, Gas Prices
Dave Inc., a banking app, announced the results of its recent Harris Poll which surveyed Gen-Z and Millennial Americans about how they will spend this summer in the wake of mounting pressures from inflation, high gas prices, COVID-19, and more.
With inflation reaching a 8.6% rate this May, and increasing in June, Americans are facing tough decisions on when and how to use their hard earned money. Leisure activities and hobbies are taking a backseat to essential purchases for most of the population. The survey found 4 in 10 Americans aren't planning on taking a vacation this summer, with 40% saying they simply can't afford it. However, the remaining 60% of those polled, plan on vacationing - half reporting that they would anticipate going into debt or stretching their budget to do so.
The report also showed:
- With rocketing gas prices and inflation being much more of a worry for Americans this summer, going on a summer vacation is going to be a tough decision for most people. 67% said it was their biggest concern this summer vs just 24% who were worried about Covid.
- Over one-third of Americans and more than 40% of Gen Z are planning to get a second job just to pay for their summer vacation.
- A full third of the respondents said they anticipated pressure on their finances, but were optimistic that they could recoup and repay later.
- 20% say they cannot afford or are not sure they will be able to afford a vacation.
- Three quarters of respondents said they are concerned they barely have enough money to get by
Survey Methodology
The Harris Poll conducted the survey online on behalf of Dave, from June 6-13, 2022, among n=1038 US residents aged 18-41, including n=385 Gen Z (ages 18-25) and n=653 Millennials (ages 26-41). Data were weighted separately by generation group where necessary by age, gender, region, education, marital status (not included in Gen Z weighting), household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. The groups were combined using a post weight to bring them in line with their proportion in the population.