ENGLEWOOD CLIFFS, N.J. – June 27, 2007 - "Gone Fishing".....not so fast.
About half of all Americans do not plan to take a vacation this summer. Those that do have summer vacation plans say they will spend less than they did a year ago, according to an exclusive CNBC Wealth in America survey released today. The survey examines how Americans use their vacation time...or, in many cases, how they don't use it.
According to the survey, 48% of Americans won't take a vacation this summer, including 64% of Americans 65 and older; 59% of those from towns or rural America and 65% of those who earn $30,000 or less. Even 25% of Americans who earn more than $100,000 a year don't plan to take any summer vacation.
The 52% of Americans who plan to vacation will spend $1,117 on the road, down 4% from last year's spending of $1,165.
For Americans planning a vacation, little will get in their way. Almost three-quarters, or 73%, of Americans said full flights, flight delays and security lines will not make them less likely to fly this summer. And 82% said the weakness of the dollar against the Euro had no effect on their choice to travel to Europe, although only 21% of Americans plan to travel abroad.
Climate and weather are the top reasons for their choices followed by the cost of travel, hotel and attractions at the location.
The price of gasoline is also having an impact on the driving habits of those surveyed; 55% of Americans said they are driving less because of high gasoline prices and 25% say they'll start conserving when gas prices reach $4 or higher. But 20% said they wouldn't reduce the amount they drive, regardless of gas prices.
According to the survey, 32% of American will stay in touch with the office by cell phone while on vacation. Others keep in touch via various electronic devices such as computer email, text messaging or email using a handheld device or instant messaging on the computer. But 54% say they do not stay in touch with the office on vacation using any of the above methods.
The majority of Americans feel comfortable enough at their jobs that they believe taking all of their vacation days would have no effect on their ability to earn raises and promotions. Only 7% feel taking vacation would have an effect on their future success in the office and 10% of Americans don't receive paid vacation.
Finally, if given the choice of one extra week of pay or one extra week of vacation: 45% would like the additional time, 47% would like additional pay and 8% are undecided. Breaking down the demographics, men more often prefer more pay while women say they need more time off. Naturally, high-income earners prefer time-off while lower-income earners need more pay.
Eight hundred individuals were surveyed across America for the CNBC Wealth in America survey by Hart-McInturff.
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