It's clear that the summer of revenge travel - where pent-up demand from the pandemic was unleashed - continued for a second year.
Surprisingly, travel has been even busier than expected, with the TSA processing 12% more air travelers from Memorial Day weekend through the end of July.
"This summer has actually been significantly busier than last," says Ted Rossman, Senior Industry Analyst at Bankrate.
Both international and domestic travel have experienced a significant rebound, despite higher prices and interest rates. However, the travel industry has faced its fair share of challenges. Air travel delays have increased, while companies have struggled to keep pace with the rapid return of travel due to understaffing.
"I think these are all evidence of how travel has roared back faster than the industry has been able to keep pace," Rossman says.
But with prices rising, adventure-seekers still took trips. They were just cost-conscious.
"They still wanted to go on the trip. And they still did go on the trip. They just made some modifications," Rossman says.
So as we look forward to the winter travel season, how can we save? Rossman has some ideas:
1. Utilize the value stored in rewards points, miles, and gift cards. Many people have unused gift cards, valued at an average of $187.
2. Being flexible with timing and destination when redeeming rewards can also help in saving money.
3. Planning ahead for the holiday season and considering sign-up bonuses from new credit cards can lead to free or discounted trips.
“Using the right credit card strategies can save money and provide you with added peace of mind," Rossman says. "Credit card rewards, frequent flyer miles, and hotel points can all be great ways to enjoy champagne travel on a beer budget. Just like unused gift cards, these represent real value that you should try to unlock as soon as possible.”
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