Decreasing gas prices may not be enough to allay the concerns by Americans about the economy and jobs. While the cost of filling up your tank at the gas station has gone down, it is still considered high enough to reduce the number of Americans taking road trips or traveling cross country.
According to John Larson, Vice President for IHS Global Insight, the company that examined the AAA study, "Travel is about security." He emphasized that "If you feel less secure about your future, you may be less willing to take this trip."
AAA predicts that Memorial Day weekend around 34.8 million Americans will be traveling in trips that are 50 miles or more. This is an increase of more than 500,000 from Memorial Day 2011 and may signal a surge in summer travel overall.
Gas prices were hovering around $3.85 per gallon when the AAA study was conducted from April 20 to April 24. After interviewing around 315 travelers, the survey showed that those individuals earning under $50,000 annually will make up around 25 percent of the total number of Memorial Day vacationers. This amount has gone down by a third from 2011 as a result of the increased cost of gas. This year's Memorial Day weekend, according to AAA, will involve an average trip of 642 miles, while about half of survey respondents said they would be traveling "less than 400 miles."
Americans earning more than $100,000 annually will make up a large number of the travelers this year, with 36 percent planning trips compared to 30 percent in 2011. Those making between $50,000 and $100,000 a year will consist of 38 percent of those traveling, a 1 percent decline from last year.
In terms of air travel for Memorial Day weekend, AAA predicts a 5.5 percent decrease. The trade organization, Airlines for America, believes that summer travel this year may not decrease by the percentage forecasted by AAA, but they do expect a 0.2 percent drop.
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