If you’ve trimmed your vacation fund this summer, you’re not the only one.
A survey from Bellevue-based Coinstar revealed nearly 70 percent of U.S. families with children plan to use cash-on-hand to fund their summer vacation, 44 percent already have saved for their vacation and 17 percent of respondents are not planning to take a vacation because they don’t think they can afford it.
Survey respondents said they are prioritizing paying off debt instead of planning a lavish getaway as the main reason for spending less this year, while 27 percent said they’re saving for a big purchase, and 22 percent said they’re worried about the U.S. economy.
Those that are planning for some R&R this summer have a fairly tight budget. One in four respondents plan to spend between $501-$1,000. The survey also revealed that women tend to be more fiscally conscious when it comes to vacation spending — 43 percent of women plan to spend under $1,000 versus 29 percent of men. In the same thread, 30 percent of males said they plan to spend more this vacation season than the previous year compared to 25 percent of females.
Interestingly enough, 71 percent of respondents said they save coins in a jar at home for future use.
“Over the years, consumers have told us that when they cash in their coin jar, they had more money than they thought,” said Sandi Stoller, director of brand strategy and marketing at Coinstar, in a press release. “These extra funds can stretch vacation budgets and create a more meaningful and enjoyable vacation.”
Coinstar’s survey was conducted online by an independent market research agency among more than 2,000 American adults with children between 5 and 18 years old living at home.
Reasons for reduced vacation spending across the Red, White, and Blue:
|Paying off debt||42 %||29%||39%||42%|
|Worried about economy||31%||27%||19%||13%|