As the summer season takes hold, Americans are enthusiastically embracing the opportunity to embark on well-deserved vacations. Yet, the travel industry finds itself grappling with an immense surge in demand. Ultimately, its inability to keep up is burdening passengers with the repercussions, according to a recent Bankrate Survey.
Flight Cancellations & Wait Times
The survey reveals that approximately 77% of Americans have encountered obstacles such as flight cancellations and lengthy wait times. Ted Rossman, Bankrate’s senior industry analyst, describes the current state of affairs for air travelers as a “pretty bumpy summer.” The airline industry, in particular, is struggling to contend with equipment shortages. A shortage of air traffic controllers is also exacerbating the woes faced by passengers.
Passengers have voiced their grievances, lamenting “higher prices than they’re accustomed to, long waits, poor customer service, canceled or disrupted plans, and hard-to-find availability,” according to the Bankrate study. Rossman points out that this quandary is compounded by the intersection of fervent demand and unforeseen challenges. Computer glitches or adverse weather conditions are just two examples that airlines have to navigate.
“People want to travel but they’re having to put up with high prices and a lot of delays, unfortunately,” said Rossman.
Demand For Travel Is Very High
Despite rising inflation affecting various aspects of daily life, it appears that demand for travel remains largely unaffected. In fact, many consumers are willing to allocate even more funds for travel experiences, disregarding the impact of price hikes on items such as eggs. The Bankrate study highlights that 28% of leisure travelers plan to spend more in 2023 than they did in 2022.
Rossman suggests that this phenomenon reflects a prioritization of experiences over material possessions. Even as individuals curtail spending on physical goods, they are steadfast in elevating travel and dining to the top of their expenditure list.
