COSTA MESA, Calif. — Americans continue to prioritize travel despite rising costs and ongoing economic pressures, with many willing to take on debt to finance vacations and major events, according to new survey data released by Experian.
The credit reporting and financial services company said 33% of consumers have already booked travel for the next year, even though 67% believe travel is less affordable than it was a year ago.
Experian’s national consumer survey also found that 36% of respondents said they are willing to go into debt in order to travel, highlighting the importance of budgeting and financial planning as consumers continue to spend on leisure travel.
The survey found that 79% of respondents would consider financing attendance at major events, while 39% identified event ticket prices as their biggest travel-related cost concern.
‘A High Priority’
“Travel remains a top priority for many consumers, even as they navigate higher costs and ongoing financial pressures,” Rod Griffin, senior director of consumer education and advocacy at Experian, said in a statement.
“As consumers look for ways to make travel more affordable, there’s a growing need to be strategic,” Griffin added. “Experian is here to help, providing the tools and insights consumers need to manage costs, maximize their spending and stay on track toward their financial goals.”
According to Experian, the findings suggest consumers continue to value travel experiences despite inflationary pressures, but may increasingly rely on financing options to make trips possible.
Tools Available
To help consumers manage travel expenses, Experian highlighted several financial tools available through its platform, including:
- Experian’s Credit Card Marketplace,, which it said helps Experian members compare credit card offers matched to their credit profiles. Whether looking to earn points for future travel, access other credit card rewards or take advantage of better interest rates, consumers can explore options, like travel credit cards, that are tailored to their financial goals.
- Experian’s No Ding Decline feature, which it said allows Experian members to apply to credit card offers without the risk of a hard inquiry impacting their credit scores if they’re not initially approved.
- EVA, the Experian Virtual Assistant, which the company said can help Experian members analyze their spending, find options to help them save and recommend financial products that fit their financial profile.
- Experian’s bill negotiation and subscription cancellation features, which it said can identify and could help cut the costs of certain recurring bills and subscriptions.
