Ready for Takeoff? Summer Travel Returns to 2019 Level

Number of the Day: The most relevant or interesting figure in personal finance

NOTD - 40%

That’s the share of people surveyed by consulting firm Deloitte who said they plan on taking a trip this summer that involves taking a flight or staying in a hotel, nearly the same percentage as in 2019.

Of the 5,000 people asked whether they intend to take at least one trip with a flight or a stay in paid lodging between Memorial Day and the end of September, 2,004 said “yes,” according to data collected in mid-April and released Tuesday by Deloitte. That’s just shy of the 42% of people in the U.S. who said they expected to travel for leisure in 2019, the last summer before the pandemic.

Most of the people who plan to travel (62%) say they’ll spend as much on trips as they did in 2019, with another 22% saying they’ll spend even more than they did two years ago.

We’ve heard a lot about pent-up demand for things like vacations that weren’t possible as the pandemic kept us at home. The survey gives a clearer picture of what we might be able to expect for the travel industry as consumers act on that demand in the coming months. It’s all part of an expected shift in spending on services as more people get vaccinated, virus cases wane, and restrictions on business and travel become further relaxed—allowing us to spend the money we saved during the pandemic. Prices for travel-related items like airfare and hotel stays have been going up throughout the spring, according to government data, as demand for those services returns.