ORLANDO, Fla. -- AAA Travel projects that 46.3 million Americans will journey 50 miles or more from home during the Thanksgiving weekend, the highest volume for the holiday since 2007 and a 4.2% increase over 2013. Almost 90% of travelers (41.3 million) will celebrate the holiday with a road trip and likely will enjoy the lowest Thanksgiving gas prices in five years.
The Thanksgiving holiday travel period is defined as Wednesday, November 26, through Sunday, November 30.
"Americans are more optimistic about the future as improvements in several key economic factors, including employment, GDP and disposable income, are boosting consumer confidence and the desire to travel," said Marshall L. Doney, AAA president and COO. "Holiday joy has come early this year with Americans likely to pay the lowest Thanksgiving gas prices since 2009. Lower prices are increasing disposable income and enabling families to carve out more money from household budgets for travel this Thanksgiving."
The national price of gasoline has fallen below $3 per gallon for the first time since Dec. 22, 2010.
More than 89% (41.3 million) of holiday travelers will drive to their destination, a 4.3% increase from 2013.
AAA expects travelers to spend an average of $573 over the course of their holiday travels. Despite lower average gas prices, travelers are allocating 31% of their budgets to fuel transportation. Food and beverage and shopping will account for 22% and 20% of holiday travel budgets, respectively.
Travelers' spending plans mirror their intended activities this Thanksgiving, with 70% of travelers reporting they will enjoy dining during their vacation and 59% will go shopping; 89% of travelers plan to spend time with friends and family this Thanksgiving holiday.
AAA's projections are based on economic forecasting and research by IHS Global Insight.
Click here to view the complete AAA/IHS Global Insight 2014 Thanksgiving Travel Forecast.
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