Internet Travel Monitor - Marketing, Research & Tech
May 17, 2017
Survey Reveals American Parents are Spending Cautiously on Summer Vacation this Year
Nearly 70% of respondents taking a vacation say they will spend the same or less than previous year
A new summer vacation budgeting survey released by Coinstar shows that 68% of U.S. families with children who plan to go on vacation this summer intend to use cash on hand to fund it, and 44% have funds already earmarked for vacation. Of the 17% of respondents not planning to take a vacation, budget limitations are cited as the main reason.
"Coinstar appreciates how important summer vacations are for many families, so we conducted this survey to better understand how parents with children are planning and budgeting for their vacations," said Sandi Stoller, director of brand strategy and marketing at Coinstar.
Paying off debt driving more modest vacations
Thirty-eight percent of Coinstar survey respondents who plan to spend less on summer vacation this year say paying off debt is the top reason. Other reasons indicated for spending less include saving for a big purchase such as a car or home (27%) and saving because they are worried about the U.S. economy (22%).
Respondents in different regions of the country have varying outlooks.
Cash is king for vacation funding
The Coinstar survey revealed that the top three methods in which respondents plan to fund their vacation are:
Millennials seem to be more cash-minded than those of an older generation when it comes to credit card use to fund vacations. Following is the age breakdown of respondents citing using a credit card due to lack of funds:
Thirty-one percent of respondents who plan to take a vacation say they have a goal of staying on budget. One in four respondents (24%) plan to spend between $501 - $1,000 and the vacation goals reported don't come with a big price tag.
The top three goals of Americans with children taking a vacation are:
Are men or women the bigger spenders on vacation?
The Coinstar survey results indicate that women are more frugal than men when it comes to vacation spending.
Plan to spend under $1,000:
Copyright 2017 Coinstar, LLC. All rights reserved. From http://www.coinstar.com.
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