Get All Access for $5/mo

Despite Recession Fears and Skyrocketing Airfare, Americans Are Traveling at Record Rates, According to a New Report "This is expected to be the third busiest Memorial Day weekend since 2000 when AAA started tracking holiday travel."

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

FTiare | Getty Images

Despite inflation and ongoing fears of a looming recession, Americans are projected to travel beyond pre-pandemic levels on Memorial Day weekend, which may signal an upward trend for the rest of the summer.

According to a report by automotive and travel organization, AAA, 42.3 million Americans will travel 50 miles or more this Memorial Day weekend — about 2.7 million (or 7%) more miles than last year.

The federal holiday unofficially marks the start of the summer season, and travel stats from the long weekend typically signal what's ahead in the coming months, AAA reps said.

"This is expected to be the third busiest Memorial Day weekend since 2000 when AAA started tracking holiday travel," said Paula Twidale, senior vice president of AAA Travel, in the report. "More Americans are planning trips and booking them earlier, despite inflation."

AAA's booking data also shows that airfare to top destinations for Memorial Day rose 40% this year, but 3.4 million Americans will still fly to their destinations — an 11% increase from 2022, and beyond pre-pandemic levels with an increase of 5.4% compared to 2019.

Related: These Are The Busiest Airports In The World — And Half Are In the U.S.

"This summer travel season could be one for the record books, especially at airports," Twidale added.

Still, with gas prices lower now than last year, many travelers will also be hitting the road. About 37.1 million Americans will drive to their destinations, according to the AAA report, an increase of over 2 million compared to 2022. Additionally, transport on trains and buses for the upcoming holiday weekend is expected to increase by 20.6% from 2022.

The AAA travel forecast comes nearly a week after Airbnb reported record-high bookings in the first quarter of 2023, with cross-border bookings increasing by 36%. According to a survey in February by the U.S. Travel Association, 23% of Americans plan to travel for leisure in 2023, with about 52% intending to go somewhere in the next six months.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

Retirees Are Raking in Billions With These 4 Side Hustles: 'There's No Age Limit to Innovation'

Most Americans plan to work part-time in retirement — and the opportunities are endless.

Business News

Amazon Asks Employees to Use Its New, Internal Chatbot That's 'Safer Than ChatGPT'

Amazon has reportedly introduced an internal chatbot named Cedric.

Thought Leaders

How to Build a Legacy For Your Company You Can Be Proud Of

We all want to be proud of the personal and professional legacy we leave behind. The "obituary test" is a powerful tool for determining whether or not you and the organization you've put so much time, effort and energy into are aligned with your personal values in a way that will endure.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Thought Leaders

How to Build a Personal Brand Like Simon Sinek, Brené Brown and James Clear

Thought leaders like Simon Sinek and Brené Brown became known for one big idea, which helped them build authority and trust. By honing in on your unique strengths, accomplishments, and experiences and staying consistent, you can establish yourself as a go-to expert in your niche.