As you plan your summer vacation you may have noticed that airfares and hotel rates have risen. It’s not your imagination, gas prices are the highest they’ve been since 2014.
Domestic airfare in the United States has risen by nine percent since April 1st and international fares went up 17 percent according to research conducted by Bernstein. Driving up the cost of vacations are relaxed COVID restrictions at many attractions and beaches, mountains, and other outdoor destinations have been popular for travelers.
Hotel prices rose even higher than pre-pandemic rates. Hotel rooms in Cancun, Mexico went from $160 in 2019 to $205 per night in early May. Most fares and hotel rates are still below 2019 prices mainly because business and international travel hasn’t been restored.
It’s not your imagination. Rising airfares and hotel rates are making vacations more expensive https://t.co/Wx6hxfKCSA
— CNBC (@CNBC) May 23, 2021