Summer travel is heating up with the weather, but consumers are weary about spending too much. Nearly 71% of consumers blame inflation for impacting their road trip plans, an Experian survey found. A majority of survey respondents planned to spend an average of $1,000 on their trips this summer. Road trippers plan to spend the most on gas and accommodations. Auto insurance rates are also impacting travelers.
S study. About 69% of those planning to travel will use their credit cards for at least part of their accommodations. The rewards and cash back programs offered through their credit cards are the most popular reason consumers choose credit cards over other payment methods. Cash flow management and accessibility are two other major reasons travelers opt for credit cards. While a majority of travelers choose credit cards, 59% use debit cards and 57% choose cash to pay for their travels.