The coronavirus pandemic halted most travel across the globe, and when travel did reopen, many people wanted to get out there and plan trips once again. This led to an increase in demand for travel, which in turn, raised the prices for hotels, transportation, tickets to attractions, food costs, and so much more. This means that the total amount people will need to spend to take a vacation has significantly increased and is only expected to keep increasing throughout 2024 and beyond.
What is Causing the Increase in Travel Spending?
There are multiple factors that have caused the cost of travel to rise over the last few years, with one of the main reasons being the increase in the demand for travel. Many people couldn’t travel during the COVID-19 pandemic, which led to people wanting to make up for lost time and revenge travel. So now that people want to keep booking vacations, the demand for travel has gone up, leading to a price increase for hotels, car rentals, transportation, airline tickets, etc.
Another reason that travel spending is predicted to increase during 2024 is that people are willing to spend extra money to travel internationally. International travel is on the rise as travelers want to explore more of the world. So instead of staying local and traveling domestically, travelers are spending more money for the chance to take an international trip of a lifetime.
How Much Can People Expect to Spend on Travel in 2024?
Travel spending is expected to increase in 2024, with people predicted to spend more money on travel than in years past. In fact, according to this Global Travel Price Forecast from Business Travel News, the average air ticket price will cost $780, the average daily hotel rate will cost $174, and the average daily car rental rate will be $49. These predicted costs are up from 2023, which means that 2024 could be one of the most expensive travel years yet.
Tips For Saving Money on Travel
1. Book Ahead Of Time
One of the best ways to save money on travel is to book your plans ahead of time. As you get closer to your intended departure date, the costs of airline tickets, rental cars, and hotels usually increase. This is why you should always try to book everything as soon as you know when you want to travel, as it could end up saving you a whole lot of money.
2. Look For Vacation Packages
Another way to save yourself some money is to look for vacation packages that bundle things such as hotels, rental cars, and tickets to local attractions. When you purchase these vacation packages, you will typically get discounts and could save a few hundred dollars along the way. Furthermore, vacation packages allow you to make all of your travel plans at once, causing you less stress and planning down the road.
3. Consider Your Transportation Options
Something to think about when booking your travel plans is whether you’ll need to rent a vehicle or not. Rental cars can be expensive, especially if you choose to take the extra car insurance that most companies offer. So if you are going to a location that is fairly walkable or that has convenient public transportation, consider ditching the rental car and save yourself some cash.
4. Avoid Going to Restaurants Every Night
If you plan on traveling with a group of your friends or family, we highly recommend that you cook in when possible. Although going to restaurants is a lot of fun (and not to mention delicious), it can be expensive to go out to eat every single day. So if you book a vacation rental and are staying with a group, take turns cooking meals and pocket the extra money that you’ll save.
5. Apply For Your Travel Documents Early
One mistake that we frequently see people make is not applying for their passports and visas early. Unfortunately, some travelers wait too long to apply for their travel documents and have to cancel their trip (and lose the money that they already paid for that trip). If you don’t want this to happen to you, apply for your passport or visa as soon as you know that you’ll need it and save yourself from losing money.
