2008 Consumer Spending Part 4

Gas prices hit 4 bucks in my town today.

Yet we still like to get out of town according to this survey on the eve of Memorial Day Weekend:

Many Vacationers Not Altering Travel Plans, Despite Gas Prices

Six of ten (59 percent) Americans who are currently planning a trip with their car, truck or SUV this summer will not change their travel plans even with additional increases in the price of gas, according to the closely watched travelhorizons survey co-authored by the Travel Industry Association (TIA) and Ypartnership.

"The data confirm, once again, that vacations are a non-negotiable part of contemporary life, even in challenging economic times," said Peter Yesawich, Ypartnership's Chairman and Chief Executive Officer.

Among the 41 percent of respondents who stated their plans would change if gas prices rise further, the greatest percentage would simply drive a shorter distance to their vacation destination.

Other expected outcomes include people taking fewer trips and spending less money on other aspects of vacations as revealed below:

-- 38 percent would drive a shorter distance;
-- 36 percent would take fewer trips and/or cancel a trip;
-- 30 percent would spend less on souvenirs and shopping;
-- 27 percent would spend less money on meals/restaurants and/or less on entertainment;
-- 23 percent would spend less on hotels;
-- 21 percent would spend fewer nights away from home;
-- 20 percent would select another vacation destination.

(Source: Travel Industry Association, 05/07/08)

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