Have you cut down on planned vacations due to rapidly rising costs?
The average cost of gasoline has gone up to .10 a gallon on street and the cost of rental cars, hotels, airline tickets, etc are going up faster than my salary increase. The result is something has to give and I have to cut back. So instead of one long summer vacation I am going on one short trip (long weekend).
I suspect other people are no longer able to afford the nice vacations they use to go on and the result is less money will be spent at hotels, amusement parks, museums, tourist attractions and airline.
Will the tourist economy crash?
Absolutely have cut down on expected vacation travel. I don’t think the tourist eco will crash, though. People will either carpool to these places or go to the tourist traps close to home. As far as the hotels, I do think they will take a major hit. Like wise with the airlines, but I think the others will be fine.
What will you do on your short trip? Probably go to a local tourist attraction.