The "staycation" is not yet dead, but its popularity may be waning.
The tendency to stay close to home for vacation — a trend that became popular during the Great Recession — is losing its appeal as more Americans become interested in having a good time when they travel. The findings are from a survey of 2,527 U.S. households by the marketing and research firms of MMGY Global and Harrison Group.
The survey found that the average amount spent on vacations over the last 12 months has grown to $4,461, compared with $3,874 during the same period two years ago.
"It’s not like everyone’s financial situation has improved, but people went through a series of three or four years of paring back on expenses," said Peter Yesawich, vice chairman of MMGY Global. "We are now seeing for the first time that mentality abate."