More than 37 million people are expected to travel this Memorial Day, according to AAA — the most since 2005.
Why are so many more Americans hitting the road this year? They’ve just got more money, reports the Associated Press. Lower fuel prices and an improved job market are both giving families more disposable income to head to the beach or other vacation destinations.
From the AP:
Gasoline should be around $1 cheaper this Memorial Day. The average price for a gallon of gas Friday was $2.66. Last year on the holiday it was $3.66.
AAA says the number of people flying should rise 2.5 percent. A thriving stock market has boosted the net worth of wealthier Americans, who more easily can afford to fly for vacation.
The economy is strong enough to give consumers more confidence to travel. Employers added 223,000 jobs in April after a slow start to the year. Last year, job growth averaged 226,000 a month. Although wage growth is sluggish at 2.2 percent, combined with lower gas prices it does give consumers more disposable income.
A long and bitter winter could also be causing more people to spend some money on travel, with many looking to take advantage of the weather finally cooperating with their holiday plans.
For more about vacation travel, watch this Coins2Day video: