How to fight for a ‘better’ budget at your next vacation
More Americans are opting for cheaper options at their next vacation, according to a new report from the Federal Reserve Bank of Boston.
According to the report, Americans have been paying an average of $1,100 per person per night in hotel rooms and other costs at the resorts and hotels they’re staying at this summer.
But that price is dropping fast, especially for Americans staying at the Grand Hyatt in New York City.
In fact, the average hotel room rate at the Hyatt for the summer of 2017 is now about $1.17 per night, according the Fed report.
That’s about 15% lower than the same period last year, and is a drop of over 12% from last year.
The report also noted that the average stay at the Holiday Inn Express, the third-lowest hotel rate, is down 5% over last year’s average.
That means Americans are paying an additional $1 to $1 for each $1 spent at the resort and hotel.
The trend for the average room rate is expected to continue, with a rise of up to 3% next year.
But the report noted that even as the average cost per person in summer 2017 is $1 and is on track to rise even further in 2018, that doesn’t mean that Americans should expect to spend a higher total amount.
The Federal Reserve has long warned that the economy is far from recovering from the financial crisis.
The report pointed to a fall in the unemployment rate, lower inflation, and rising economic activity as evidence that the U.S. economy is headed in the right direction.
But it’s clear that the recovery is far more fragile than many economists expected.