JACKSONVILLE, Fla. – AAA Travel forecasts 46.9 million Americans will journey 50 miles or more from home during the Thanksgiving holiday, a 0.6 percent increase from the 46.6 million people who traveled last year and the most in eight years.
With 300,000 additional holiday travelers, this marks the seventh consecutive year of growth for Thanksgiving travel. The Thanksgiving holiday travel period is defined as Wednesday, November 25 to Sunday, November 29.
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"Americans still place a high premium on being with family for Thanksgiving," said Brent Stahlheber, senior vice president – brand marketing and travel for AAA – The Auto Club Group. "Improvements in the economy and low gas prices should generate an increase in holiday travelers for the seventh consecutive year."
Despite improvements in the economy, including steady wage growth, rising disposable income and a falling unemployment rate, consumers remain hesitant to spend at a level that would drive significant travel growth. As such, only a minimal increase of 0.6 percent is expected for the holiday this year, versus the 4.9 percent increase seen last year.
"One holiday gift has come early this year in the form of low gas prices," said Mark Jenkins, AAA spokesman. "Americans are especially thankful for what will likely be the lowest Thanksgiving gas prices since 2008. These pump prices are helping to boost disposable income, making a Thanksgiving road trip more affordable."
Nearly 42 million Americans will take a holiday road trip this Thanksgiving, an increase of 0.7 percent over last year. Air travel is expected to increase by 0.1 percent, with 3.6 million Americans flying to their holiday destinations. Travel by other modes of transportation, including cruises, trains and buses, will decrease 1.4 percent this Thanksgiving, to 1.4 million travelers.
"Americans largely prefer auto travel because it provides more control over expense, trip distance and duration," said Jenkins. "Auto travel volume tends to be evenly spread out over the five day holiday, but airports are especially busy on Wednesday and Sunday."
Drivers nationwide continue to experience significant yearly savings in the price of gas and AAA estimates that consumers are saving nearly $350 million on gasoline every day compared to a year ago. This has helped boost disposable income, enabling many Americans to travel this Thanksgiving. Most U.S. drivers will pay the lowest Thanksgiving gas prices since 2008. Today's national average price for a gallon of gasoline is $2.15, 65 cents less than the average price on Thanksgiving last year ($2.80). Today's average price in Florida is $2.17, 62 cents cheaper than the average price on Thanksgiving last year ($2.79).
"Low oil prices and surplus supplies should either keep gas prices at their current levels or push them lower throughout the holiday season," Jenkins said. "Gas prices typically decline in November and December, and that trend should continue this year, unless oil prices rise unexpectedly."
According to AAA's Leisure Travel Index, airfares are projected to decrease 10 percent this Thanksgiving, landing at an average of $169 roundtrip across the top 40 domestic flight routes. Rates for AAA Three Diamond Rated lodgings are expected to remain relatively flat, with travelers spending an average of $155 per night. The average rate for a AAA Two Diamond Rated hotel has risen four percent with an average nightly cost of $118. Daily car rental rates will average $60, eight percent higher than last Thanksgiving.