Stat: 52 Percent of Millennials Accumulate Credit Card Debt While Traveling

Experian has released a new study diving into the spending behavior of Millennial travelers while on vacation. Here's an inside look. 

infographic

infographic

DAILY NEWS & DEALS NEWSLETTER

Like this story? Subscribe to Daily News & Deals!

Featuring breaking news on the latest product launches, deals, sales promotions, and executive appointments. Be sure to sign-up for this free industry daily newsletter.

The majority of vacationers spend more money than expected when traveling (68 percent), often relying on credit cards to make up the difference, according to a new survey commissioned by Experian. Millennials rank even higher when it comes to risky vacation spending — one-third report they have not been saving up in advance of vacation, 72 percent say they spend more than expected when traveling, and 52 percent are strapped with credit card debt once the holiday ends.

Survey results show travelers use credit cards over debit cards:

Lodging: 68 percent use credit compared to debit cards and cash, 19 percent and 11 percent respectively

Airfare: 67 percent use credit compared to debit cards and cash, 19 percent and 11 percent respectively

Entertainment: 47 percent use credit compared to debit cards and cash, 21 percent and 30 percent respectively

Dining: 40 percent use credit compared to debit cards and cash, 23 percent and 36 percent respectively

Budgets and vacations are sometimes conflicting, especially among Millennials:

Forty-nine percent have accumulated credit card debt while traveling (52 percent of Millennials)

Forty-six percent have paid for a vacation by credit card when they didn't have enough saved (50 percent of Millennials)

Thirty-seven percent have cancelled vacation plans due to budget issues (44 percent of Millennials)

Thirty-three percent of travelers plan to use their tax refund to pay for 2015 summer travel (50 percent of Millennials)

Seventy-five percent say staycations are a good way to minimize spending during time off

Source: Experian

Read more on:

Suggested Articles:

Cruise Lines International Association has unanimously adopted an initial set of mandatory health/safety protocols for its member lines. Learn more.

Despite COVID hot spots popping up around the U.S., safety perceptions for domestic travel, transportation and lodging are their highest since March.

Bridge to the Future, a virtual conference, will include inspiration, networking, education and access to preferred suppliers. Learn more here.