Americans look past fuel cost, bad weather to set July Fourth travel record
NEW YORK (Reuters) — High fuel costs and the threat of a hurricane are not expected to dampen Americans’ desire to hit the road this summer, with vacationers preparing for record travel to kick off Fourth of July holiday festivities.
Motorist group AAA expects a record of almost 71 million people to travel around the U.S. Independence Day holiday, growth similar to a pre-pandemic trajectory.
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Some 60 million people will drive with nearly 6 million flying to their destinations, while around 4.6 million people will take buses, trains or cruises during the holiday period, according to AAA’s forecast.
“We’ve never seen numbers like this,” AAA spokesperson Andrew Gross said.
U.S. summer travel will be closely watched from multiple fronts this year, as it could offer central bank officials and policymakers an important measure of consumer sentiment in an election year.
Inflation was unchanged in May even as consumer spending rose, boosting hopes that the U.S. Federal Reserve might be able to control inflation while avoiding a recession.
Gasoline prices have eased over the past few months, with the national average price for a gallon of motor fuel at $3.50 on Tuesday, a 3-cent decline from last year. Domestic airfare is 2% cheaper than last year, with an average domestic round trip costing $800, according to AAA booking data.
