AAA forecasts that 46.9 million people will travel over the Thanksgiving holiday period, which runs from Wednesday, Nov. 25, to Sunday, Nov. 29. The increase is a tiny 0.6% over last year. However, 2015 will be the best year in terms of number of travelers since 2007, before the Great Recession. Perhaps the economy has fully recovered.
However, the rise might be attributed to fuel prices, particularly for drivers. The AAA travel prediction:
Despite improvements in the economy, including steady wage growth, rising disposable income and a falling unemployment rate, consumers remain cautious about their finances. However, gas prices remain well below 2014 levels, providing an early holiday bonus to the more than 89 percent of holiday travelers who will drive to their destinations.
“One holiday gift has come early this year. Americans will likely pay the lowest Thanksgiving gas prices since 2008. Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway,” said Marshall Doney, AAA President and CEO.
Some modes of travel will decrease this year compared to last, and air travel will barely rise despite many routes with lower ticket prices:
Nearly 42 million Americans will take a holiday road trip this Thanksgiving, an increase of 0.7 percent over last year. Air travel is expected to increase by 0.1 percent, with 3.6 million Americans flying to their holiday destinations. Travel by other modes of transportation, including cruises, trains and buses, will decrease 1.4 percent this Thanksgiving, to 1.4 million travelers.
While gas stations may benefit tremendously from the trend, airlines, which are having a record year in profits, will not.
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