Bank of America survey: travel plans vary

Bank of America Institute said on May 13 that U.S. summer travel plans remain intact overall, but not evenly across households. The bank’s 2026 summer travel outlook said lower-income consumers are much more likely to skip travel altogether, while middle- and higher-income households continue to spend more on trips. Bank of America’s card data also showed travel-related spending per household was down year over year so far in 2026 for lower-income groups. The report, cited by Yahoo Finance on May 14, arrives as fuel and airfare costs have risen this spring. ### How wide is the gap between lower- and higher-income households? Bank of America’s survey found 77% of Americans plan to travel this summer, up from 74% in 2025 and 72% in 2024. The same survey said 93% of higher-income households plan to travel, compared with 86% of middle-income households and 62% of lower-income households. (institute.bankofamerica.com) Nearly 40% of lower-income households had no travel plans, according to the Bank of America Institute report. By contrast, the institute said middle- and higher-income households were seeing stronger travel spending, producing what it described as a “K-shaped” pattern for the season. ### What is pushing some travelers to pull back? (wsbt.com) Bank of America Institute said higher oil and gasoline prices were prompting some consumers to trim, rather than scrap, summer trips. About 30% of respondents said higher gas prices would not change their plans, but others said they would take fewer trips or spend less on items such as accommodations. (institute.bankofamerica.com) The survey fact sheet put more detail on those tradeoffs. It said 23% of respondents planned to reduce the number of trips they take, 10% planned to cancel a trip because of increased prices, and 22% said they were cutting accommodation and food budgets to offset fuel costs. U.S. Travel Association data published May 12 showed travel prices in April rose 7.8% from a year earlier, compared with 3.8% for the broader Consumer Price Index. (institute.bankofamerica.com) The same report said airline fares were up 20.7% year over year, hotel prices rose 4.3%, and motor fuel prices climbed 29.1%. ### Are Americans canceling trips, or changing how they travel? Bank of America Institute said many consumers appear to be adjusting at the margin instead of abandoning summer travel. (wsbt.com) The report said 47% of survey respondents had already planned a trip for this summer, up from 38% in 2025, and the overall share planning not to travel was lower than in last year’s survey. (ustravel.org) Domestic trips still dominate, according to the survey fact sheet. It said 53% of travelers plan to cross state lines, 17% expect to travel within their home state, and international interest has increased from a year earlier, with Europe and North America outside the United States each cited by 24% of respondents as top destinations. (institute.bankofamerica.com) ### Why do non-travelers say they are staying home? Bank of America’s survey said cost remains the biggest reason for not taking a trip. Among people not traveling, 56% said they cannot afford to travel right now, while 25% cited uncertainty about the economy and 20% said they do not like traveling. Yahoo Finance, which reported on the survey on May 14, said the data pointed to lower-income consumers scaling back discretionary bookings this year. (wsbt.com) That characterization matched Bank of America Institute’s finding that travel-related card spending for lower-income households was down year over year so far in 2026. ### What should readers watch next? The Bank of America 2026 Summer Travel and Entertainment Survey was conducted online from March 26 through April 3 among 2,004 U.S. adults, according to the methodology in the survey materials. Bank of America Institute said California, Florida, Texas and New York were the top domestic states to visit, and it published the full May 13 travel outlook on its website. (wsbt.com) (finance.yahoo.com)