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Summer is going to be expensive

It's going to be a pricy summer for American travelers as increased demand and rising prices have driven up costs for travel and summer activities.

Driving the news: “Definitely every single category is more expensive now than it was this time last year,” Sally French, a travel rewards expert at NerdWallet, told The Washington Post.


What's happening: Executives in the travel and hospitality industry have noticed that American consumers are planning to hit the road this summer, especially as pandemic restrictions have lifted.

What they're saying: “We think this summer is going to be gangbusters for travel,” Marriott CEO Tony Capuano told CNBC.

  • Expedia said in an earnings report that gross bookings jumped 58% in the first quarter of 2022 compared to last year.

Yes, but: Traveling won't be easy on your wallet. Higher costs for lodging, airline tickets and expenses may spoil summer plans, The Wall Street Journal reports.

Gas prices: The national average price for regular gasoline jumped to $4.37 a gallon Tuesday, which is a new record high price, Axios' Jacob Knutson writes.

  • Diesel prices hit a new record at $5.50 per gallon, too.
  • Prices have been high since Russia's invasion of Ukraine caused a disruption of the energy market, which drove up the costs.

Airline fares rose 12.7% in February 2022 compared to last year, even though they're still down 14 percent compared to 2019, according to new data from the Bureau of Labor Statistics.

Hotel prices are up 40 percent since March 2021, per The Washington Post.

  • New data from travel research company STR found the average daily hotel price was $147.15 from March 1 to 26, The Washington Post reported.
  • This is a jump from 2021 when prices were roughly $105 a night on average.
  • And it's higher than pre-pandemic prices. Average prices for a nightly stay were $132.56 in 2019.
  • Labor shortages and higher wages for workers have led to price increased, Carter Wilson, STR’s senior vice president of consulting, told The Washington Post.

Rental car prices will be on the rise, too, as there will be a shortage of vehicles to rent out, per The Wall Street Journal.

  • A global chip shortage and supply-chain issues will lead to higher demand and increased costs for what rental cars are available.

Summer camp prices will also be on the rise for 2022.

  • Tom Rosenberg, president and CEO of the American Camp Association, told CNN that camp fees could jump 10% to 15% for summer 2021 compared to last year.
  • Rosenberg said the rise in prices is slightly due to demand since the COVID-19 pandemic forced some camps to close.
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Dive Deeper:
Stocks are way down. They are still expensive
The S&P 500 still has plenty of room to fall, if history is any guide
Ryanair boss warns on rising costs for summer beach flights
RYANAIR’S Covid-related losses soared past £1 billion today as it warned the cost of holiday flights will jump this summer…
Ryanair boss warns of increased flight prices and ‘challenges’ getting through airports this summer
Prices are expected to rise by 7-9%
Travel to Europe ready for takeoff this summer
Americans are returning to Europe and war on the continent is not a major deterring them.
One subscription that gives you access to news from hundreds of sites
Ryanair boss warns of skyrocketing flight costs and airport delays this summer
Ryanair CEO Michael O’Leary has warned that prices for flights could go up this summer as the demand for European…
Britain's most expensive houses in 2022 as prices soar by over 10% in a year
The rise in house prices reflect a range of factors, including in response to changing property transaction taxes. Across England…
Get all your news in one place