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You’ve got big travel ambitions this year. And yet actually booking a trip seems to get a little harder with each passing week.
Between the uncertain impact of tariffs, the stock market selloff, a weakening dollar, and the threat of a recession, it may be hard to commit serious money to anything discretionary — let alone a vacation.
In fact, 67% of Americans are considering alternative vacation options this year because of concerns about the economy, according to a recent survey from the travel platform Beach.com.
Even airlines are expecting a decline in demand. Delta Airlines — which forecast its highest-earning year ever back in January — withdrew those numbers earlier this month.
So what? It’s hard to feel a solid financial footing these days. But you probably need a vacation. And getting away may be particularly helpful in these nail-biting times. Here are some creative ways to travel this year:
• Travel in bigger groups: Reconnect and save money by traveling with friends or extended family who can share the costs. According to the travel service provider Global Rescue, 64% of this year’s travelers are taking trips with family, 38% are traveling with friends, and 19% are combining both into the same trip. Shared mountain villa, anyone?
• Skip the hotel: If your friends or relatives don’t want to travel, do any of them live in a desirable destination? Again, staying with people can be a great way to catch up while cutting back on costs.
• Go on the off-season: Flights and hotels are often more expensive when everyone else has the same weeks off of school or work. A third of the Beach.com survey respondents said they were avoiding peak travel season to save money.
• Shorten your trip: Ask yourself if you’d rather shorten your stay or downgrade to a more budget-friendly hotel.
• Look for discounts: The bright side of lower demand is that travel outfits may be more inclined to offer discounts. Check out the deals for SoFi members who book travel in the SoFi app.
• Consider travel insurance ready-made for uncertainty: Unlike the most common types of travel insurance, cancel-for-any-reason (CFAR) policies can help you recoup much of the cost of a trip — regardless of the reason you don’t take it. It’s not cheap, but could be worth considering when there’s so much uncertainty.
Related Reading
• 7 Countries Where Your Dollar Goes Furthest (AFAR)
• Travel Inflation Report (NerdWallet)
• Travel Smarter: Top Budgeting Tips and Booking Tricks (SoFi)
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