Are We Seeing 'Vacation Inflation'
May 29, 2007. Inflation has been in the news lately, but is it affecting luxury vacation rentals? Only time will tell, but we thought we'd discuss a couple of articles from the weekend.
Christopher Elliott, ombudsman for National Geographic Traveler magazine and host of "What You Get For The Money: Vacations" on the Fine Living Network, wrote a column on MSNBC.com about "vacation inflation." In his article, he quotes a recent survey by the Travel Industry Association of America.
"In its study of leisure travelers, it found that the biggest barrier to achieving an ideal vacation is money. More than a quarter of the respondents admitted that they were disappointed with their last getaway."
Elliot also quotes an estimate that found "economy" hotel rates rose 19 percent last year, to an average rate of $164 a night.
Gas prices have also been a major topic lately, but experts still forecast an increase from last year in Memorial Day weekend travel. An Associated Press survey found that although travelers were concerned about the high prices, few were planning to significantly cut their driving.
The AP also quoted the AAA's polls of various travel-related expenses.
"Holiday travelers will find gas prices nationwide averaging $3.225 a gallon for self-serve regular, according to AAA. That's up 36 cents from a month ago."
"Hotel rates are also up about 13 percent from last year, the association found, but flights and car rentals are expected to be a bit cheaper."
