Memorial Day travel forecast to break 20-year-old record despite economic gloom
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Memorial Day travel is projected to beat a 20-year-old record high this year, according to AAA data released Monday.
Why it matters: Americans' deep pessimism about the economy isn't deterring them from traveling to celebrate the unofficial start of the summer season.
- "Despite concerns over rising prices, many Americans say they're taking advantage of the long holiday weekend to spend time with loved ones, even if the trips are closer to home," AAA said in a statement.
By the numbers: 45.1 million people are projected to travel at least 50 miles from home between May 22 and May 26.
- That's an increase of 1.4 million travelers from last year and surpasses the record 44 million people who traveled in 2005.
Zoom in: 87% of Memorial Day travelers, or 39.4 million people, are choosing to take road trips this year, per AAA.
- Air travel will increase 2% over last year at 3.61 million air passengers but isn't predicted to set a new record.
- 2.08 million people are expected to travel by train, bus or cruise over the holiday weekend.
Our thought bubble, from Axios' Alex Fitzpatrick: Americans keep breaking travel records in the post-pandemic period, either to keep making up for lost time during COVID or, now, to get ahead of potential rising prices over the next few months.
What we're watching: Summertime airfare costs are currently down.
- Average flight prices dropped 7% year-over-year across more than 100 cities, according to a Tuesday Kayak report.
- For the fourth year in a row, U.S. summer travel to Europe is expected to increase, per a Wednesday Allianz report.
Go deeper: Foreign visits into the U.S. fell off a cliff in March
