I’ve already talked to a lot of people who have said they’re only taking “staycations” (gee, that’s a buzzword from this century if I ever heard one) and going places that are cheap and close to home rather than taking off far and wide to foreign countries of places that are hundreds of miles away this year, in an effort mostly to save money for a year.
This years scary unemployment numbers have no doubt gotten people scared of losing their jobs, but also it’s a psychological biproduct of a recession this deep to go into save and buckle down mode. Sadly the same mode that helps people save money when they need it is the same one that keeps the economy down since consumer spending drives the economy and drives job creation and stability.
Polls recently taken of Americans show that at least 1/3 of them have already canceled one planned trip or are not planning on taking a normally planned summer trip. If you think about it, both older Americans and younger working Americans are saving their pennies. Older retirees have lost a lot of money in the stock market and financial markets, and younger Americans are losing jobs, getting pay reductions, and having to rely on making it on less income.
Most Americans who are not taking a summer trip this year, which is the most popular time to vacation, cited financial concerns as the reason for their staying at home. For this reason, the bargains for travel abound online right now. I couldnt’ believe when I looked up some of the travel deals for places that are normally considered luxury, and charged accordingly, such as Maui, and saw the prices were cut by nearly 50% in some cases. If you’re a last minute louie, you’re in even more luck because there are some last minute deals that are available that are dirt cheap, some of them even including food and drinks!