AAA projects 41 million Americans will travel 50 miles or more from home during the Independence Day holiday weekend, a 1.9 percent increase from the 40.3 million people who traveled last year and a nearly 14 percent increase compared to theMemorial Day holiday weekend. The majority of travelers will be celebrating their freedom with a road trip, with more than 34.8 million choosing to travel by car, the highest level since 2007.
Air travel over the holiday week-end is also expected to grow by one percent to 3.1 million travelers from 3.07 million last year.
An increase is consumer spending is also projected, largely due to consumers increasing their credit, rather than from rising incomes. Although reluctant to take on more debt, continued improvements in the employment picture and rising home values means they are starting to feel more comfortable taking on debt. In addition to consumer spending, a boost in consumer confidence and the employment outlook are driving more Americans to take a road trip.
AAA expects the majority of U.S. drivers likely will pay the highest gas prices for Independence Day since 2008. While in recent years gas prices have declined in the weeks leading up to Independence Day, this has not occurred this summer due to higher crude oil cost as fighting intensified in Iraq. Nonetheless high gas prices are not expected to significantly impact the number of people traveling, although it could result in some consumers cutting back on dining, shopping or other trip activities, the motor club and leisure organization predicted.
The Independence Day holiday travel period is defined as Wednesday, July 2 to Sunday, July 6.
