ORLANDO, Fla. -- AAA Travel forecasts 46.9 million Americans will journey 50 miles or more from home during the 2015 Thanksgiving holiday, a 0.6% increase over the 46.6 million people who traveled last year and the most since 2007. With 300,000 additional holiday travelers, this marks the seventh consecutive year of growth for Thanksgiving travel.
The organization defines the Thanksgiving holiday travel period as Wednesday, Nov. 25 to Sunday, Nov. 29.
Despite improvements in the economy, including steady wage growth, rising disposable income and a falling unemployment rate, consumers remain cautious about their finances; however, gas prices remain well below 2014 levels, providing an early holiday bonus to the more than 89% of holiday travelers who will drive to their destinations.
“One holiday gift has come early this year. Americans will likely pay the lowest Thanksgiving gas prices since 2008. Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway,” said Marshall Doney, AAA president and CEO.
Nearly 42 million Americans will take a holiday road trip this Thanksgiving, an increase of 0.7% over last year. The group expects air travel to increase by 0.1%, 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% this Thanksgiving, to 1.4 million travelers.
Drivers nationwide continue to experience significant yearly savings in the price of gas and AAA estimates that consumers are saving nearly $265 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).
AAA’s projections are based on economic forecasting and research by IHS Global Insight. The Colorado-based business information provider teamed with AAA in 2009 to jointly analyze travel trends during major holidays. AAA has been reporting on holiday travel trends for more than two decades.
Click here to view the complete AAA/IHS Global Insight 2015 Thanksgiving holiday travel forecast.
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