As vaccinations against COVID-19 become more prevalent, Americans are likely to resume spending money on something they largely haven’t in the past year – travel.
The spread of the coronavirus pandemic last year put an obvious damper on the usually lucrative travel industry of the U.S. In domestic travel alone (that’s Americans traveling around the U.S.), the United States brought in $972 billion in 2019, according to the most recent statistics from Statista. In 2020, Statista estimates that total dropped to $582 billion – a loss of $390 billion year-over-year.
Statista predicts those numbers will increase gradually as Americans become more comfortable in a vaccinated world. Estimates suggest domestic tourism travel spending will increase slowly at first to about $698 billion in 2021. By 2024, Statista predicts Americans will spend about $968 billion on domestic travel.
That renewed urge to travel could put additional strain on American wallets that they haven’t felt in the past year. According to ValuePenguin, people spend an average of about $581 to go away for about four nights within the U.S. The average cost of international travel is about $3,250 for a typical 12 to 13 night trip abroad.
If you’ve got the travel bug, don’t worry – a vacation away doesn’t have to break the bank! Here are some suggestions for frugal travel from the Travel Channel:
At La Capitol Federal Credit Union, we understand how rewarding a visit with family or just a trip to get away can be. We also want to help you achieve those dreams and keep money in your wallet. Check out our financial education resources so you can make the best decisions for your money.