So it turns out that when everyone wants to travel at the same time, travel gets more expensive. And after more than a year of pent-up demand, the U.S. Travel Association Travel Price Index is showing a 9.5% year-over-year increase in prices versus April 2020. Supply chain issues, labor shortages, and, yes, increasing demand are all factors suddenly making travel more expensive. To help you budget for the summer, here’s a look at what’s more expensive this year and why. (Quick tip: Book in advance and avoid the usual tourist hot spots, if you can).
As of Memorial Day weekend, gasoline prices are at a seven-year high, with a gallon of regular gas costing just under $3.05 on average across the United States, according to AAA. That’s up from $2.89 a month ago and $1.97 a year ago, according to CNN. Of course, gas prices tend to peak in the summer, and the Colonial Pipeline hack didn’t help either. According to Gas Buddy, prices are expected to eventually drop back down a bit, remaining in the upper $2 to low $3 range during peak travel months.
While there were some good airfare deals to be found earlier this spring, expect elevated fares this summer. The median round-trip fare has climbed 12%, to $357.36, since the beginning of 2021, according to TripActions Inc. To snag the best rates, avoid booking flights on weekends, and try to book weeks or even months in advance. If your destination isn’t fixed, consider less popular vacation spots or airports, too, as reaching them via plane is often cheaper.
The rental car industry is experiencing a perfect storm of pandemic-related fleet downsizing in 2020, a shortage of new cars, and a sudden increase in leisure travel. As a result, cars that normally cost $100 a day are going for “several hundred dollars” in some markets, according to Forbes. You’ll want to carefully think over any plans to book rental cars at airports, too, as that’s where they’re most in-demand.
As reported by the New York Times, Uber fares in April were 40% higher than they were at the same time a year ago, with the jump climbing to over 50% during surge pricing periods. Part of the reason is related to downward pressure from the rental car market, but there is also currently a shortage of drivers. If you’re planning a vacation, you’ll want to consider how much you’ll need to travel by car when you’re there to determine whether you’d be better off renting.
Within just one month, hotel rates in the US have jumped 7.6%, according to USA Today. And that’s not just because more people are traveling—it’s also because more people are traveling within the United States than during a typical year, as many are still wary of international travel (or barred from entry into other countries due to ongoing travel restrictions). Similarly, many rooms on services like Airbnb have already been booked through the summer, with average rates up $35 per night, according to Forbes. Again, to save money, plan to avoid top tourist destinations and take a vacation that’s a little bit more off the beaten path.
The general food index is up 2.4% year-over-year as of April, but there are other escalating costs that are driving up the cost of a restaurant meal, too, including packaging and labor shortages. Don’t be surprised if some eateries start charging prices that are as much as 25% higher than they were before the pandemic; some restaurants have already begun to do so.
Due to a shortage of service and workers, plan for longer lines and reduced services overall while traveling. Per the Wall Street Journal, the TSA still needs to hire 6,000 screeners before they’ll be back to capacity, and service workers at hotels are also in short supply. This means that airports are offering fewer concessions, while hotels may have yet to begin offering common pre-pandemic services like daily housekeeping. In any case, these circumstances aren’t the fault of frontline staff, so continue to tip them well!
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June 03, 2021 at 02:30AM
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7 Reasons Travel Is More Expensive This Summer - Lifehacker
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