The US travel industry is facing significant challenges as domestic consumers cut back on travel due to economic factors. A drop in consumer confidence, reported as the lowest in 13 years, is impacting family vacation plans. Miguel Olave, a resident of Kansas, cited rising grocery expenses and economic uncertainty as primary reasons for his family skipping their annual vacation. Data from the Bureau of Labor Statistics shows grocery prices remain high, contributing to a frugal mindset among consumers. As travel advisers report declines in business, many families like Olave are choosing to save rather than spend on travel plans.
With consumer confidence hitting a 13-year low, otherwise reliable travellers like Olave are not taking to the skies.
57 percent of travel planners saw a decline in business, and 63 percent of advisers cited economic uncertainty as one of the top three reasons for travel hesitancy.
We think it's just wise to, you know, buckle down and save what we can, Olave said.
This year, however, the family's annual tradition is on pause.
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