The trend: US consumers are pulling back on summer vacations. ​​The average trip budget has dropped 25.4% YoY to $3,132, per an Ipsos survey for Generali Global Assistance.

That retrenchment shows up across multiple levels:

• From 10,000 feet: Bank of America Institute data reveals a YoY decline in households booking airline tickets and hotel rooms. Meanwhile, the US Labor Department reports vacation and personal time usage fell 10.3% YoY in June—hitting its lowest level since the pandemic.
• On the ground: Companies like Delta Air Lines are feeling the squeeze, with main cabin passenger revenues falling 5% YoY last quarter.

Why it matters: The latest data signals growing unease among US consumers about both the broader economy and their personal financial outlook.

• More than 2 in 5 (42%) say their summer travel plans have been affected by current economic conditions, and 41% cite fears of a recession, per SSRS.
• Nearly half (48%) are opting for shorter or more affordable trips, and 30% say they may cancel altogether.

Broader concerns: Beneath the surface, economic anxiety is deepening. Consumers are grappling with the ripple effects of shifting trade policies, rising costs tied to new tariffs, and softening signals in the labor market.

A new Harris Poll paints a stark picture:

• 66% say the US economy is getting worse
• 72% are concerned about tariffs (up 11 points since mid-January)
• 60% expect tariffs to raise prices
• 41% report daily costs have already gone up due to tariffs
• 59% believe tariffs will further increase everyday expenses
• 24% fear their retirement savings are at risk