Americans will travel over the Labor Day holiday weekend despite the increase in gas prices
August 23, 2012- AAA has forecasted that over 33 million people in the U.S. will travel over the Labor Day holiday weekend despite the increase in gas prices. According to the automobile association AAA, over 33 million Americans will travel at least 50 miles, which represents an increase of 2.9% from the previous year. The travel association said it was the highest number of travelers for a Labor Day weekend since the recession of 2007 started.
As of Wednesday, the average price for a gallon of gasoline in the U.S. was $3.72. Prices have increased nearly 40 cents per gallon since July 1, but are still 22 cents lower than their peak, which took place in the beginning of April. Experts said that the price of gasoline could increase to $3.75 before the holiday weekend in early September.
The majority of travelers, close to 85%, said they would drive to wherever they are going for the weekend. Hotel room rates have increased on the average in the U.S. by 6% over last year. The average cost for the three-day weekend for families is expected to be around $750, up from last year’s average of $700.
Of people planning to travel, over 66% said their financial situation at present would not impact them negatively for their upcoming Labor Day weekend plans. Twenty-one percent of the people said they would lower costs in other parts of their budget, 9% said they would shorten the length of their trip, while 4% said they would cut transportation costs during their trip.