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Fewer people are spending money on travel plans this summer, according to new study



Fewer people are spending money on travel plans this summer, according to new study

PITT COUNTY, N.C. (WITN) – Many Americans are giving up going on vacation this summer due to the high cost of living, according to a 2024 Bank of America Travel Survey.

Though inflation is lower than its June 2022 peak of 9.1% it remains higher than the Federal Reserve’s goal of 2%.

47% of people from the 2024 Bank of America Travel Survey say they plan on staying put this summer.

Shanaezea Bright, a Sawyer’s Fun Park Employee says, “Not only business-wise but gas, gas is high—it’s really high, so it really doesn’t surprise me.”

Bankrate reports that the average cost per person to go on a summer vacation is $1,984 which is why local businesses are gearing up and offering fun right in your backyard.

Lorina Garrison, Anger Management Rage Room Owner says “We offer a place where you can come in and have fun destressing, getting some anger out or just having fun.”

“Motorcycles, punching bags, soccer, basketball, air hockey, Ninja course, the trampolines, laser tag—we have a lot of groups that love laser tag. We also have the ropes course, we have the rock wall, and then we have the cafe,” Bright also told WITN.

If you’re looking for a place to get out of the heat and spend time with loved ones, the perfect place could be right around the corner.

“It’s summertime, it’s fun, it’s hot outside, so come inside where it’s cool and have some fun. Check out the local businesses. We’re here for you, even though there is construction on Dickinson Avenue but we are here,” Garrison says.

According to Bankrate—in 2023, when inflation was higher than it is now, 58% of Americans who were not planning on going on a summer vacation also said they couldn’t afford it.

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