With gasoline prices at their lowest since December 2010, Americans are taking to the roads this holiday season. AAA Travel predicts that 40.3 million people will travel more than 50 miles during Thanksgiving weekend.
Up 4.2 percent from last year, travel volume during Thanksgiving for 2014 is the highest it has been in seven years. Indicative of a strengthening economy, the increase in travelers may also reveal improvements in employment, GDP, disposable income and overall consumer confidence, Marshall L. Doney, AAA President and COO, noted in a press release.
Gas prices may be the biggest factor, with nearly 90 percent of travelers driving rather than flying, up 4.3 percent from last year. As of press time, regular gasoline is averaging $2.810, which is 47.5 cents lower than last year.
Conversely, airfares have increased by 1 percent. Mid-range hotels are more expensive by 8 percent and car rentals are up 10 percent.
Americans will travel an average of 549 miles roundtrip and spend an average of $573 over the weekend. Thanksgiving holiday weekend is defined as Wednesday, Nov. 26, through Sunday, Nov. 30.
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