Tuesday, December 16, 2014

Survey: Fall in gas prices doesn't translate into spike in holiday travel

Gas prices have plummeted... but is savings at the pump translating into increased holiday travel?

Not that much, according to a survey by GasBuddy.com, which monitors fuel prices.

The record-low gas prices are not affecting the travel plans for 77 percent of those surveyed --  but for the 23 percent whose plans have changed, 29 percent say they will be traveling greater distances.

The impact on lower gas costs translates into spending more on holiday gifts to 35 percent of those surveyed, spending on  "other" to 17 percent, and  spending more on accommodations to 8 percent.

In different question however, those surveyed were asked how they plan to spend extra money saved with lower gas prices. The most popular options: paying off some bills (45 percent) and saving the cash (38 percent).

According to the survey, slightly more than half of respondents (52 percent) play to travel anytime between Dec. 20 and Jan. 1;  of them, 30 percent plan to go 500 miles or more, roundtrip. Of all traveling for the holidays, autos are the preferred transportation mode (90 percent).

Other interesting findings:
The most popular day for hitting the road for year-end travel: Dec. 29 (29 percent).
Least popular day: Dec. 21 (7 percent)
Christmas Day -- Dec. 25 -- was second most-popular (23 percent) followed by Christmas Eve (19 percent).
Most popular day for starting your return home: Jan. 2 (24 percent), followed by Christmas Day (21 percent).
Least popular: Jan. 1 (6 percent)

The vast majority of those traveling cite "to visit family  and/or friends" (78 percent).


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