Americans Not Planning To Increase Vacation Spending

Travelers across the United States taking a vacation this summer may be paying a similar amount as they did in 2004. According to the annual Summer Vacation Survey conducted by Myvesta, a nonprofit consumer education organization, the average American plans to spend $2,249 on a summer vacation this year, a small decrease from $2,252 in 2004.

“While consumer confidence has risen over the pat year, that confidence hasn’t translated into a vastly different financial situation for the average American,” said Steve Rhode, president of Myvesta. “Concerns about the future economy and stagnant wage increases have helped those who are taking vacations this year from spending more on their summer trips.”

According to the Myvesta survey, of those taking a vacation, 75.1 percent plan to pay for all, or part, of their trip with a credit card, and 30.3 percent of those paying with plastic are planning to take three or more months to pay off the balance.

People in the Midwest plan to spend the most on their summer getaways in 2005 with an average of $2,510. Northeast residents plan to spend $2,282. Those in the West plan to spend $2,141, and people in the South plan to spend $2,139.