One of the busiest travel days of the year may see fewer travelers due to the recession, as those looking to consolidate debt are considering adjusting their travel plans this Thanksgiving.
According to a survey released Monday by American Express, 30 percent of U.S. consumers are planning to make adjustments to their travel plans this Turkey Day, with 19 percent of those who traveled in 2008 adding that they were planning on staying home this year.
Additionally, the survey found that 7 percent of young professionals – which they defined as those under the age of 30 with a college degree and a minimum household income of $50,000 – were more likely to adjust their plans by spending less time traveling during the holiday. Only 3 percent of the "affluent" population – which was defined as those with a minimum household income of $100,000 – and the general population said that they were expecting to shorten their vacation.
However, despite the urge to rein in travel expenses, the survey also found that only 21 percent of consumers expected to reduce their expenses this holiday season when compared to what they spent in 2008. Eighty percent of respondents said that they planned on purchasing gifts this holiday season.