Vacation Spending On The Rise
Slow economy not hindering the urge to get away
For Immediate Release: May 29, 2003
ROCKVILLE, Md. — Despite a poor economy and security concerns while traveling, Americans are planning to spend 9.5 percent more on summer vacations this season. According to the annual Summer Vacation Survey by Myvesta, a nonprofit consumer education organization, the average summer vacation will cost $2,378, up from $2,172 in 2002.
"While people are still concerned about their jobs, the economy and terrorism, it's surprising that many are planning on spending a little more this year on their vacations," said Steve Rhode, president and co-founder of Myvesta. "It shows that even in these tough times Americans' are still determined to spend."
Of those taking a trip, 78.2 percent plan to pay for all or part of their getaway with credit cards and 28.5 percent plan on taking three or more months to pay off their vacation charges.
"Using a credit card to pay for your vacation can be a very convenient way to track your spending, make hotel reservations and have financial security while traveling. But a credit card should not be used to finance a vacation you can't afford," Rhode said. "While everyone needs a vacation from time to time, no one needs a huge bill when they return home, except maybe the credit card companies."
Not everyone will be packing up the kids and heading to the beach, though. The survey also shows that while 48.5 percent of Americans will be taking a summer vacation, 48.4 percent will not. The other 3.1 percent were undecided.
For the second straight year people in the Northeast plan on spending the most on their vacations with an average of $2,710. People in the West came in a close second with an average of $2,602. Those is the South plan on spending $2,272 and those in the Midwest plan on spending $2,057.
The Myvesta Summer Vacation Survey was conducted May 16-18 in a random telephone survey of 1,000 adult Americans.
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MyvestaSM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.
