Despite rising travel costs and ongoing economic pressure, many consumers are still making travel plans. New data from a national Experian consumer survey shows that consumers continue to prioritize summer getaways and experiences, even if it means going into debt.
Roughly 33 percent of consumers already have booked travel for the next year, even as 67 percent say travel is less affordable than it was a year ago. More than a third (36 percent) say they are willing to go into debt in order to travel, especially to big ticket events. This dynamic underscores the importance of finding ways to budget, manage expenses and make the most of available financial tools, areas where Experian can help turn travel plans into reality.
The data highlights how travelers are attempting to balance rising costs with their desire to travel as they plan their vacation spending. Additional key findings include:
- A majority (79 percent) of respondents would consider financing big events so they can attend.
- 39 percent of consumers say event ticket prices are their biggest cost concern.
- 36 percent are willing to go into debt in order to travel.
As travel demand remains resilient, these findings point to a growing need for tools and strategies that help consumers manage costs without putting long-term financial health at risk.
“Travel remains a top priority for many consumers, even as they navigate higher costs and ongoing financial pressures,” said Rod Griffin, senior director of consumer education and advocacy for Experian. “As consumers look for ways to make travel more affordable, there’s a growing need to be strategic. Experian is here to help, providing the tools and insights consumers need to manage costs, maximize their spending and stay on track toward their financial goals.”
As travelers look for ways to make their dollars go further, there are a variety of Experian tools and resources consumers can take advantage of to help:
- Experian’s Credit Card Marketplace helps Experian members compare credit card offers matched to their credit profiles. Whether looking to earn points for future travel, access other credit card rewards or take advantage of better interest rates, consumers can explore options, like travel credit cards, that are tailored to their financial goals.
- Experian’s No Ding Decline feature allows Experian members to apply to credit card offers without the risk of a hard inquiry impacting their credit scores if they’re not initially approved.
- EVA, the Experian Virtual Assistant, can help Experian members analyze their spending, find options to help them save and recommend financial products that fit their financial profile.
- Experian’s bill negotiation and subscription cancellation features can identify and could help cut the costs of certain recurring bills and subscriptions.
As a financial copilot, Experian empowers consumers to navigate financial decisions with confidence, whether planning a trip, managing everyday expenses or building long-term financial health through its leading consumer platform.
To explore credit card offers and other financial resources, visit www.Experian.com.
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