Whether you’re taking a spring break trip with friends or traveling with family, be prepared to pay more for everything from airfare and hotel bookings to car rentals. This is due to inflation reaching a record level of 8.5% – the highest rate in 40 years.
Spring travel and entertainment prices are extremely high
Before you embark on your spring journey, make sure to allocate a budget for your trip to cover the more expensive travel season. According to an analysis by The Balance, travel costs surged in March 2022, with prices for fuel, hotels, airline tickets, and car rentals increasing by more than 20% compared to the same time last year. Travelers considering long road trips may want to budget for fuel in advance, as fuel prices have risen by 33% from last year. Despite some relief at gas stations since March, fuel prices remain high at around $4.09 per gallon as of April 11.
High costs for the spring travel and entertainment season
For those planning to travel further during spring break, hotel stays and airline tickets are more expensive than in 2021, with increases of 29% and 24% respectively. The average cost of hotel booking was $131.45 per night in March 2022, and the average cost of an airline ticket was $370.52 for a round trip. If you need a car once you reach your destination, be prepared to pay more for car rentals as well. The average cost of renting a car or truck was $25 per day, which is a 23% increase from last year.
Costs for household supplies and indoor plants are also higher
Travel was not the only category to see price increases due to inflation – consumers paid more for household cleaning supplies and indoor plants as well. For those planning to spring clean their homes instead of traveling elsewhere, the prices of household cleaning products rose by 9% in March 2022 compared to last year. People shopping for new plants for their homes can expect to pay more, as the cost of indoor plants and flowers has increased by 6% since 2021.
Study methodology
The Balance’s analysis examined year-over-year price changes for each item and was based on the Consumer Price Index from the Bureau of Labor Statistics for March 2021 and March 2022. Regular gasoline prices and year-over-year changes were sourced from the Energy Information Administration’s gasoline and diesel fuel update for April 11, 2022, and April 12, 2021. Ticket prices for Amtrak were sourced from the adjusted revenue reported for total passenger count from Amtrak’s monthly performance reports for February 2022 and 2021.
The latest reported dollar prices for each item were obtained from known suppliers of those products as an example of the item price within the Consumer Price Index category from the Bureau of Labor Statistics. Average hotel prices were acquired from Statista, while airline ticket prices were taken from the latest report by the Maritime Administration on national airline tickets. Car rental prices were sourced from Kayak, while sports event ticket prices were obtained from the average prices of MLB, NBA, NFL, and NHL from SeatGeek. Movie ticket prices were sourced from Statista, and concert ticket prices were obtained from Pollstar. Prices for household cleaning products were sourced from Statista as the annual average of what Americans spend on cleaning products.
Was obtained
Obtaining indoor plants and flowers from The Home Depot averages for Monstera plants between 24 and 47 inches. Beer prices were obtained from Expensivity’s World Beer Index 2021. The price of whiskey was obtained from a 750 milliliter bottle of Jack Daniel’s Old No. 7 Tennessee Apple Whiskey from Walmart on April 12, 2022. The cost of wine was sourced from red and white wine of all sizes and origins, per 1 liter (33.8 ounces) as of March 2022 from the average price series of the Bureau of Labor Statistics. The latest available price values not found in March 2022 were replaced with changes in the Consumer Price Index for the specific product category.
This article was updated on April 18, 2022, to correct the average prices for hotel bookings, airline tickets, and car rentals and the annual change in Amtrak ticket prices in the fourth and fifth paragraphs. The second point in the key ideas section was also updated to include the annual change in the prices of sports event, concert, and cinema tickets. This article was originally published on April 15, 2022.
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Sources:
Bureau of Labor Statistics. “Consumer Price Index – March 2022”, page 1.
Energy Information Administration. “Gasoline and Diesel Fuel Update: April 11, 2022”.
Source: https://www.thebalancemoney.com/spring-travel-costs-are-soaring-thanks-to-inflation-5226099
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