Will high gas prices impact your vacation plans this year?
Gas prices rose another penny on Monday, marking the 20th consecutive day of increases at the pump, according to AAA’s Fuel Gauge report. The average price nationwide for a gallon of regular has is nearly $3.70.
The average price of gasoline has risen 18 cents a gallon over the past two weeks, according to the Lundberg Survey. In the two weeks that ended on Feb. 10, gas had spiked about 12 cents a gallon. Lundberg cites the rising costs of crude oil and escalating Middle East tensions, particularly with Iran, which is threatening to block shipping in the Strait of Hormuz. If you are driving in San Diego, you are paying the highest average price for unleaded gas, $4.24 a gallon. Best head for Denver, where, at $3.07 a gallon, they are paying the least. These unwelcome gas hikes arrive just before Spring Break, when Americans seek a respite from even this mild winter.
A majority of families (84 percent) are planning to take vacations this year, according to a February survey conducted by Millionaire Corner. Vacation intent mostly increases with wealth level and age. Sixty-nine percent of those with a net level of less than $100,000 are planning a family trip this year, compared to 81 percent of those with between $100,000 and $500,000, and 90 percent of those with between $500,000 and $1 million (slightly fewer Millionaires—86 percent—said they will hit the road with their families this year).
About 80 percent of those under 40 are planning a family vacation, compared with 83.5 percent of boomers ages 51-60 and 85 percent of seniors over 60. Those between 41 and 50 years-old have the highest vacation intent (87 percent).
A majority of households we surveyed (67.5 percent) plan to fly this year, compared to 28.5 percent who intend to drive. Which is the most economical? AAA’s Fuel Cost Calculator is one online tool to help figure the fuel cost’s of your proposed road trip. Simply enter your starting point, destination and the year, make and model of your car. The calculator will figure the miles, gallons used and fuel costs for both a one-way and a round trip.
Sites such as Expedia, Orbitz, and Priceline allow travelers to comparison shop for airfares.
High gas prices or other financial concerns have compelled households earning less than $100,000 to revisit their vacation plans. Fifty-seven percent told Millionaire Corner they are postponing or scaling back. This is the only wealth segment we surveyed that intends to do so. Overall, nearly three-quarters (73 percent) said their travel plans have not been affected by financial concerns.