One in five summer travelers say they’ll use a credit card to pay for their travel expenses but won’t pay off the balance within the first billing statement, according to NerdWallet’s 2024 Summer Travel Report.
Travel expert Mark Ellwood joins Wealth! to give insight into the best ways to save money and time during peak travel season.
Ellwood suggests signing up for Dollar Flight Club’s services: “They monitor flight prices for you, and the way to get deals today is to sign up for them. Click the routes you want to fly and they will burp out an email to you anytime those routes are cheaper. So you can don’t have to set the alarm clock for 3 a.m. That rule is done. Okay, I would also invest in AirTags. You know, losing a bag. Maybe you’re forced to check a bag at a gate. You’ve got an AirTag in there. You can always say where it is.”
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This post was written by Nicholas Jacobino
Video Transcript
We’ve been keeping an eye on the travel sector this morning.
The number of consumers planning a vacation over the next six months continued to increase, which is still above last June’s level, according to the Conference Board and shares of Carnival Cruise Line, one of the players in that industry pushing higher on continued demand to travel the cruise giant posting record sales for the second quarter.
So far, 2024 has been a record year for cruise operators, with more consumers seeking out new experiences at affordable rates.
So for more on the sector as a whole, I’m joined by travel experts Mark Elwood, Mark, Great to have you here in studio with us today, OK, so we gotta break down what you would make of the travel environment this year compared to last year.
I mean, if we’re just to look at a few stats TS a travel throughput, we’re already eclipsing some of those market from last year, which finally got past some of the pre pandemic records that we’ve seen.
I think if you take a moment and you think about May 2020 when it felt like no one was going to travel again, the TS A numbers were at sort of 19 sixties levels.
It’s quite mind blowing how in four years we’ve not just rebounded.
You’re seeing rates of travel and rates cost rates way higher than 2019, which was already a record year.
And we’re not really seeing any slowdown, Even if there are headwinds in the economy.
The travel business is crossing its fingers and saying Looks like we’re not being affected yet because people really, really want a vacation.
Where do they want to go?
Where are they going?
Do you know what I think you’re saying?
You’ve seen a couple of things I think you’re seeing.
The greenback is still very strong.
It’s softened a little bit.
But currency based tourism means that the UK where I’m from the pound is dirt cheap at the moment.
So it’s a great time to go to London.
If you want to go to Turkey, the lira is very weak and even the euro remains quite weak.
I think you’re also think seeing people think, do I go to the med in the summer?
It could be 100 degrees.
Do I want to sightsee in 100 degrees heading a little further North Denmark.
Iceland travel agents will tell you they’re very busy this summer.
We’re looking at some of the hard travel destinations this summer and a lot of these international territories that we’re looking across here.
I mean, they’re gonna have different price ranges.
How do you see that?
Varying across income levels right now, too.
Well, look, you’re always going to see there’s a number of Americans with a passport.
Is is surprisingly small when you look at the data, especially compared to develop nations remarkable.
I mean, I also can’t really say much Admit this because I just got mine, like, last year or two years ago.
Yeah, so OK, so I think everyone means, Oh, I’ll do it next year.
I’ll do it next year when?
When there’s a trip.
But you’re gonna see there’s a lot of domestic tourism I. I think Americans often don’t realise you look at the sticker shock of a price.
Transatlantic prices are very, very expensive, but not necessarily the holistic cost of a trip, because remember, if you’re spending a lot to get somewhere where it’s much cheaper when you get there, it might be cheaper than a local trip.
Some tips for becoming a master traveller.
OK, I feel like I’m going to be the Yoda of travel for you right now.
What we what we want to talk about.
We want to talk about about flights essentially and thinking about how to book a flight.
Have you ever heard that there’s a magic time to book a flight?
Yes.
You heard this, right?
Well, I thought it was Tuesdays.
Tuesdays, Tuesdays at 2 a.m. Wednesdays.
That is the zombie myth that will not die.
It is not true.
Oh, my goodness.
All right, so I can close my tab.
OK, you wanna sign up?
There’s a lot of There’s a lot of free services with paid tiers as well.
Things like going dollar flight club.
They monitor flight prices for you.
And the way to get deals today is to sign up for them.
Click the routes you wanna fly and they will burp out an email to you anytime.
Those routes are cheaper, so you can don’t have to set the alarm clock for 3 a.m. That rule is done.
Ok, um I would also invest in air tags, you know, losing a bag.
Maybe you’re forced to check a bag at a at A at a gate.
If you’ve got an air tag in there, you can always say where it is.
OK, um, the especially if you’re travelling with equipment, golf clubs or skis or any of these things, and it’s interesting you’ll find I just got a new Delsey suitcase and it it has a little air tag, a little air tag hanger included in it.
OK, so you’ll you’ll see that, too.
So those would be my two big big tips.
If you want to be a pro traveller.
One is basically about never getting ripped off, and one is never being the person.
And remember, when you check a bag, use your phone, take a photograph of it before it leaves your hands because you’d be surprised how bad we are at describing things we think we know