Americans’ plans for summer travel mirror the current state of the economy. Rising home prices and a soaring stock market are encouraging those at the top of the income ladder to take more extravagant trips. But large segments of the population are staying close to home because wages are stagnant, rents are high and the end of the payroll tax holiday has shrunken their take-home pay.
AAA, one of the nation’s largest leisure travel agencies, isn’t expecting a resounding start to vacation season this Memorial Day. Citing the “up and down economy,” AAA expects 31.2 million Americans to hit the road this weekend, virtually the same number as last year. Throw in planes, trains and buses, and the number of travelers will drop about 1 percent, AAA says.