Many Americans Will Cut Back on Vacation Spending This Year — Dollars and Sense
While travelers globally say they'll spend more money on vacations this year than they did in 2011, the story is a bit different in the US -- here, many people will actually shell out less.
A new survey from the Wyndham Hotel Group found more than a third of travelers worldwide will increase their vacation budgets, and that's about the same percentage of Americans who say they're planning to spend less. In fact, only about a quarter of us domestically will boost our vacation spending.
On average, Americans allot about $1,600 for summer trips, but some travelers are cutting back because of concerns about the economy. That said, about half of the people in the US who plan to spend more on vacations this year said they'll take a longer trip than they did last summer.
But does a longer trip make a better one? That depends. Although research shows that spending money on things like vacations can boost happiness a lot more than buying tangible items, it also shows that shorter trips can be just as enjoyable provided the experience itself is rich and fulfilling.