A new study found that 81 percent of Americans say inflation will impact their summer vacation plans, but there are tips and tricks to save money and get the most bang for your buck during the busy travel season.
According to a NerdWallet survey, 87 percent of Generation Z travelers and 89 percent of millennial travelers said inflation is impacting their plans, but many are using their rewards, points and miles to alleviate the pressure.
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With Americans accumulating a reserve of credit card credits during the pandemic, 56 percent of all respondents said they’d use the stored rewards, points and miles for summer travel expenses this year.
“To make summer travel more affordable, you might have to get creative,” NerdWallet expert Sara Rathner said. “Setting a travel budget and cashing in points and miles is a great start, but you can save while you travel by adjusting your itinerary a bit.”
Data shows that 62 percent of men and 50 percent of women said they would use credit card rewards to offset costs as they travel this summer. As for how generations will use credits, 71 percent of millennial travelers, 60 percent of Gen Zers, 53 percent of Gen Xers and 40 percent of baby boomers plan to use the points, rewards and miles they accrued during the pandemic to pay for travel.
With inflation at a 40-year high and national average gas prices creeping toward $5 per gallon, the study found flying might be the best bet to save money, but splitting car rental costs or taking public transportation once at the destination is likely the best bet once on vacation.
“Consider destinations with reliable public transportation so you can skip the expensive rental car,” Rathner continued. “If you stay at a vacation rental, or even in a hotel room with a refrigerator, you can save on food by going to the grocery store instead of dining out for every meal. Higher prices across the board mean travelers need to change things up.”
As for how to save money on accommodations during the 2022 summer travel season, staying with friends or family members can cut costs on hotels and vacation rentals.
Travelers can also save cash on food by taking advantage of free breakfasts or happy hours and using the hotel refrigerator or kitchen to stop by the closest grocery store and pick up snacks and drinks.
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