Travel prices are high and young Americans remain eager to vacation. Yet looming economic trends, like rising debt and layoffs, point to trouble ahead.
Prices for travel remain stubbornly high. The cost of airfare in February was 27% higher than the same month a year earlier, according to U.S. Bureau of Labor Statistics data. And rental car prices — having shot up during the pandemic — remain high today, as they’re 37% pricier in February than they were in the same month in 2019.Prices for travel remain stubbornly high. The cost of airfare in February was 27% higher than the same month a year earlier, according to U.S.
On top of inflation, savings are down, debt is up and the economy could be headed for a recession. Add the potential for student loan payments restarting this year, and a dire picture begins to emerge for those under 40.Check out: It’s one of the latest trends in camping—why drive an RV when you can have it delivered?
“Since people don’t budget, they underestimate how big their debt will be,” says Snowden. “They don’t leave on those trips expecting to go $7,000 in debt, but then they do.” “Somebody doesn’t sign up for Klarna just one time,” says Snowden, citing a popular buy now, pay later service. “They’ll do it for multiple purchases, so that debt will grow.”
See: More Americans are using ‘buy now, pay later’ services to pay for groceries. Here’s why that’s a worrying sign. Yet those payments could resume soon — possibly by late summer. This could create a perfect storm of financial pressure, as mounting debt mixes with a weak economy and increased student loan payments.
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