Nearly 7 in 10 Americans who are planning to take a summer vacation anticipate changing their travel plans because of inflation, a Bankrate survey shows.

Among the majority of Americans, 61%, who do plan to travel this summer, many expect they will make notable modifications to their plans. Twenty-five percent of respondents plan to take fewer trips and travel shorter distances, and 22% are going to more affordable destinations.

However, with inflation continuing at a steep pace of 8.3%, the highest level in over 40 years, 39% of Americans plan to stay home, with nearly half responding that the high cost of travel is the reason. Concerns about COVID also rank high on the list, with 20% of respondents expressing worries that the pandemic will impact summer travel.

‘Pent-Up Demand’

While the survey, released in April, shows Americans plan on being more frugal with their travel plans, Ted Rossman, senior industry analyst at Bankrate, predicts that “pent-up demand will win out over higher prices.”

Rossman adds: “Americans have been spending aggressively despite high inflation and downbeat consumer sentiment statistics. We’ve started to see a shift from spending on goods to spending on services. Airlines, hotels, bars and restaurants are all reporting strong demand. After being cooped up for a couple of years because of COVID, I think people are ready to get back out there this summer, even if it means paying higher prices.”

Rising gas prices, which have hit record high of $4.59 per gallon nationally May 23, also factor in, particularly for those vacationing via road trips, as well as those planning to fly.

The likelihood of taking a vacation this summer is also closely tied to income. Fifty-six percent of adults with annual household incomes under $50,000 say they plan to take a vacation, while 75% of adults earning over $100,000 report the same, the survey shows.

Beach Trips, Staycations

Despite the pinched pocketbooks that millions are feeling, survey respondents plan on visiting a number of destinations this summer. Beaches are by far the most popular, topping the list from younger to older Americans; 37% of respondents who plan to travel want to visit a beach destination, followed by 28% planning a “staycation,” and 21% planning on visiting a national park.