High gas prices and airfare are changing summer travel plans for millions of Americans

(InvestigateTV) — A new LendingTree survey finds transportation costs are taking a toll on summer travel plans, with 75% of consumers saying expenses like gas and airfare have affected their decisions.

Matt Schulz, chief consumer finance analyst at LendingTree, said the impact is significant.

“Almost 40% of Americans say that they’re not going to travel between May and September of this year,” Schulz said. “And the big reason for it is the high gas prices, high airfares.”

Schulz said the survey found some consumers are scaling back plans, changing destinations or skipping leisure travel altogether.

“When life is really expensive, sacrifices and tough choices have to be made,” Schulz said.

For those who do travel, the survey found many are looking for ways to spend less. Schulz said one option gaining traction is swapping long-distance trips for closer destinations.

“I would suspect that there’s an awful lot of people who instead of maybe flying to some destination a good ways from home, maybe going to their local state park or national park or something like that,” Schulz said.

Schulz said flexibility is one of the most effective tools for managing travel costs.

“Maybe the best thing that you can do is to be flexible,” Schulz said. “The more that you can kind of keep your options open and be flexible and open to different ideas, the more options you have and the more control you will have over price.”

Schulz also said credit card rewards are a useful tool for offsetting travel expenses. He added that travelers should prioritize long-term financial health before making short-term splurges, noting that overspending on a single trip can create financial stress that lasts for months. Building in a buffer for unexpected expenses is also recommended for those who do decide to travel.