(Correcting to include video)- After a year of being stuck at home, Americans are more eager than ever to get back to traveling this summer. A new survey from the payment network Affirm found 75% of respondents plan to go on at least one vacation this summer, and consumers will spend more money on travel than any other category. With the travel boom causing an increase in booking rates, it’s more important than ever to not overextend your budget in all the excitement of being able to travel again.
A video accompanying this release can be found here:https://youtu.be/8S26C8ILWMo
More Findings from Affirm’s Summer Survey:
- Vacations are the #1 activity consumers are most looking forward to this summer
- Respondents plan to spend the most money this summer on travel (41%), followed by going out to eat (38%) and a new summer wardrobe (35%)
- Nearly half (45%) of Americans plan to spend more money this summer than the past two combined
- 41% are interested in using a buy now, pay later solution this summer to help them spend responsibly, and 1 in 4 are interested in using a buy now, pay later solution to book travel
Emmy Award-winning journalist, Dayvee Sutton, whose travel advice is featured regularly on national programs such as NBC News, Today, CNN and The Weather Channel has partnered with Affirm to give budget-friendly summer travel advice. Here are some of her tips:
- Take advantage of modern, flexible payment options. Overall, rates for flights and hotels are up because consumers are so eager to travel. But, there are new payment tools you can use to not overextend your budget. Dayvee recommends Affirm, and has partnered with them because it can help you stay in control of your finances by letting you spread out the cost of flights, hotels, homestays and travel experiences into biweekly or monthly payments with interest options as low as 0% APR for eligible consumers. Affirm can give you the flexibility to book vacations now and pay at your own pace on Expedia, Vrbo, Priceline, Delta Vacations and more. With Affirm, you know exactly what you’ll pay upfront, and that number never changes – there are no late or hidden fees.
- Know when to book and track your airfare to get the best deals. The most expensive part of your trip will likely be the flight. Book as early as you can and opt for mid-week flights. A study from CheapOAir found the best time to book a flight is between 21 and 95 days before the trip. And traveling on a Tuesday or Wednesday, rather than the weekend, will not only be cheaper, but less crowded.
- Be prepared but remain flexible. Research social distancing protocols for theme parks, museums, and other attractions before you arrive, since many venues require you to reserve tickets early. Try to find low-cost activities in advance, such as walking tours and natural parks. Remember to leave room for unexpected costs in your budget – if you’re traveling internationally, set aside money for COVID tests before re-entering U.S., which can cost anywhere from $50 - $150 per person.
- Embrace summer road trips. With airfare on the rise, taking a road trip to smaller destinations is a great budget-friendly option for families. To save even more on the road, pack your own food and snacks ahead of time. You can also use Affirm to pay at your own pace for road trip essentials at Walmart, Target and other retailers.
About Dayvee Sutton:
Dayvee Sutton is a highly sought-after and award-winning media personality and journalist covering travel, culture and the environment. Dayvee has contributed her expertise to outlets such as the U.S. News and World Report, AOL, Yahoo, ESPN, The Root, NBA.com, Black Enterprise, NBC News and USA TODAY Network. She is the go-to on-air travel expert for several national programs, including NBC News and TODAY, CNN and HLN, The Weather Channel and Dr. Oz.
Affirm is a transparent alternative to credit cards that can give travelers the flexibility to book vacations now and pay over time, without any late or hidden fees. Affirm lets eligible consumers spread out the cost of flights, accommodations, experiences and more into biweekly or monthly payments at Expedia, Vrbo, Priceline, Delta Vacations, and more. If approved, Affirm can help you stay in budget by letting you pay on a schedule that works best for you, and never charges you more than you agree to upfront.
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.
Payment options through Affirm are subject to an eligibility check, may not be available in all states, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.