Turning Up the Temperature on Summer Travel: As Many As One in Four (25%) Americans Anticipate Increases to their Travel Spending this Summer

Chicago, Illinois, June 20, 2024 — A new Ipsos poll conducted on behalf of BMO reveals that about twice as many Americans expect to spend more (25%) than less (13%) on travel this summer compared to what they spent last summer. Around two in five (38%) expect to spend the same, while one in four (24%) say they won’t be traveling at all this summer. The appetite for summer travel is highest among the younger generations – Gen Z and Millennials – who lead as the cohorts most likely to anticipate increases in their summer travel spending this year (30% vs. 21% of Gen X and Boomers).

One in ten expect to spend more on weddings (11%) this summer, whereas slightly higher proportions anticipate increases in spending on home renovations (17%), special events like graduations (15%), and/or large purchases such as appliances or cars (13%). Three in ten parents of children under 18 (30%) say they have no plans to do summer camp or childcare for their children this summer. One in five (20%) parents of children under 18 say they will be spending more this summer than they did last summer on this category.

Americans are increasingly concerned about rising costs – three in five (60%) say they are more concerned about the cost of living than they were three months ago. Additionally, half (51%) say that they often spend more than they should, while a majority (54%) say that credit card debt is a source of financial anxiety.

About the Study

These are the findings of an Ipsos survey conducted on behalf of the BMO. Fieldwork was conducted between February 28 and March 18, 2024. A total of n=2,505 Americans aged 18+ participated in the survey which was fielded via the Ipsos’ panel. Quotas and weighting were used to ensure the sample's composition reflects that of the American population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all American adults 18+ been surveyed.

For more information on this Factum, please contact:

James Cottrill
Senior Account Manager, Ipsos Public Affairs
+1 416 324 2900
[email protected]

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