Things are definitely different this year, and I think everyone is feeling the pinch. News reports show that many more people will be staying home for the Holidays this year to avoid travel expenses.
AAA Motor Club is expecting the lowest amount of travelers since 2002. According to their research, travel will be down by about 1.4%, that is 600,000 fewer people traveling over 50 miles. This is the fourth year in a row that the amount of travelers has gone down. Airlines are reporting that they expect flights to be only about 90% full, even on the busiest travel days of the year.
Further, a survey done by Allrecipes.com shows that restaurants can expect less business, people will be hosting less extravagant events, inviting fewer people, and using cheaper or discounted ingredients.
There is even a term for what Americans are doing right now: “Cocooning”. The term, which was popularized in 2001, accurately describes what more and more people are doing this year. Staying home, spending a lot less, and holding on tight to what we have is the focus of consumers right now.
I would love to hear about how your holiday plans will be different this year!