Travel Trends: A Mixed Bag of Rising Airfares and Decreasing Hotel Rates
According to the latest Travel Inflation Report by NerdWallet, U.S. hotel and motel room rates have seen a decrease of 3.7% over the past year, offering some respite for travelers. However, this silver lining is clouded by the surge in airfare costs and dining expenses, resulting in a mixed bag of pricing trends for those planning their trips.
Despite hotel rates being 16.9% higher than they were a decade ago, there’s been a significant improvement compared to the peak pandemic pricing. Meanwhile, rental car prices are also on a downward trend, with a 4.8% drop year-over-year. However, they still remain high compared to pre-pandemic levels.
The report concludes that overall travel prices are relatively stable compared to last year, painting a mixed picture for the travel industry.
Get ready for your next journey – reserve your flight and place to stay today!
Source: NerdWallet Travel Inflation Report