Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Labor Day Travel to be Highest Since Recession
ORLANDO, Fla. -- AAA Travel projects that 34.7 million Americans will travel 50 miles or more from home during the Labor Day holiday weekend, the highest number for the holiday since 2008 and a 1.3% increase over 2013.
Nearly 86% of travelers, 29.7 million, will celebrate the holiday with a final road trip as summer comes to a close and children head back to school.
The Labor Day holiday travel period is defined as Aug. 28 to Sept. 1.
Highlights from the AAA's 2014 Labor Day travel forecast:
- When the Labor Day weekend begins in August, Americans have shown a higher tendency to travel.
- Consumer spending has surpassed income growth, indicating that Americans are willing to take on debt to finance a vacation.
- Automobile travel will increase by 1.4% this year, with 29.7 million travelers hitting the road.
- Nearly 8% of travelers, 2.65 million, will travel by air, a 1% increase from last year.
- Travelers will encounter airfares just 2% higher than last year and daily car rental costs that remain consistent at $51.
- Hotel rates at AAA Two Diamond hotels are 9% higher than last year and Three Diamond hotels are 6% more.
Most consumers are paying the lowest gas prices for early August since 2010. AAA expects gas prices to have little effect on the number of people who travel for Labor Day, although lower prices could help make travel more affordable. Barring a major development such as a Gulf Coast hurricane, prices are likely to remain relatively low, which will allow travelers to allocate more of their budgets towards travel expenses. The current price of gas is $3.44 a gallon compared to $3.59 on Labor Day last year.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.