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| Free Hospitality Publications |
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Restaurant Industry Trends
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Sunday June 11th, 2006 |
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Average Travel Costs Up 8% To 36% This Summer
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The average cost of a summer vacation is up 8% to 36% over last year, according to priceline.com (Nasdaq: PCLN). |
In a look at comparative travel costs for the summer, gasoline, by far, has experienced the most dramatic price increase over last year. For the week of May 15, statistics from the federal Energy Information Administration web site showed that the national average price for a gallon of gasoline was $2.94, an increase of 36% over a year ago.
The surge in fuel cost has spilled over to other travel products as well. Priceline found that the overall average price for a summer domestic airline ticket is up 11.3% over a year ago. By region, average summer prices for flights to Florida have risen 18.8%, followed by flights to the east coast, up 17.9%; flights to the mountain region, up 14.1%; flights to the west coast, up 13.7%; flights to Alaska, up 12.6%, and flights to the central region, up 7.8%. Only prices to Hawaii have dropped, down an average 5.8% year over year.
Prices are moving up in the hotel industry as well. Priceline found that the average summer price for a hotel room in the U.S. is up 8% over last year.
Priceline.com offered the following tips for consumers looking to cut the cost of this year's summer vacation:
Tip #1 Fly, Don't Drive.
Many consumers assume driving is cheaper than a plane ticket. Not so this year. For example, the 2,175 mile round trip from New York to Orlando takes 34 hours and would cost $327 in gasoline alone, assuming $3 a gallon and a vehicle that gets at least 20 mpg. By air, the round trip would take 6 hours and cost $216, or 51% less than the price of gas.
Tip #2 Name Your Own Price(R).
In addition to its published-price travel services, Priceline.com also offers a Name Your Own Price(R) option where customers can choose their own discounted price for an airline ticket, hotel room or rental car and Priceline.com works to find a supplier willing to sell at the customer's price. Customers learn the specific brand, location and itinerary after the purchase is completed. The savings can be significant - up to 50% for a hotel room and up to 25% for a rental car.
Name Your Own Price(R) is an especially effective tool for tight-budget vacationers who can't afford this summer's higher travel costs. Plus, there's an added benefit. At 50% savings, travelers can stay in an upscale 4-star hotel for what they would have otherwise paid for more spartan 2-star accommodations.
Tip #3 Rent A Fuel-Efficient Car.
Leave that SUV in the driveway and vacation in a fuel-efficient rental car. While the typical Ford Expedition gets 20 mpg highway, a gas-sipping Ford Focus compact sedan will get up to 34 mpg, or 70% better performance. At $3 a gallon, the savings add up fast. A compact car rental through priceline.com has a published base price as low as $14 a day, with no mileage charge.
Tip #4 Book A Package.
For decades, agencies have bundled air and hotel components of a trip to lower the price. The reasoning is simple - travel suppliers will give discounts if their reduced pricing can be "hidden" in a bundled package. Consumers can save up to $200 on a Priceline.com vacation package compared to the cost of buying the air and hotel components separately.
Tip #5 Think All-Inclusive.
All-inclusive resorts are great money savers because their per-day price typically includes airport transfers, hotel accommodations, all meals, beverages, nightly entertainment, snorkel gear and non-motorized watercraft. Some even have special kids clubs that are included in the price. Pay once and don't touch the wallet again. Priceline.com offers all-inclusive resorts in its hotel and vacation package services, and they are clearly marked.
Tip #6 Travel Off-Peak.
For cheaper ticket prices, try flying Tuesday-Thursday and avoid the weekends. Also, fly early morning, mid-day or late in the evening for the best deals. The same off-peak advice holds true for hotels. Las Vegas regulars know that they can stay weekdays in a 4- or 5-star hotel for the same price they'd pay for a 2-star hotel on the weekend.
Tip #7 Use Less-Crowded Airports.
Often, airlines will attempt to attract travelers to less-crowded airports with special deals. For example, instead of O'Hare, consider flying from Chicago's Midway Airport. Instead of Washington's Reagan Airport, try flying from Dulles. The savings can be well worth any additional driving time.
Tip #8 Take Long Weekend Trips.
Can't afford a full-week vacation this year? Then take smaller, long-weekend getaways closer to home. These shorter escapes can be especially revitalizing by selecting more luxurious hotels known for pampering guests with marble baths, top-line bedding, concierge service, spas and gourmet in-house restaurants. Priceline's Name Your Own Price(R) customers have been able to purchase 4-star hotel rooms around the country, including some of the biggest cities, for as little as $120 a night, double occupancy, plus taxes and fees. That's a lot of luxury for a little cash.
Tip #9 Take A Cruise.
Cruises are the real sleepers when it comes to bargain vacations. A cruise is one of the best ways to stretch a vacation dollar. The cruise price includes stateroom, all meals, entertainment (including nightly Broadway-style shows) and non-alcoholic beverages. Newer ships are designed as floating resorts, with casinos, swimming pools, rock climbing walls, skating, golf simulators, spas and plenty of shopping. For really deep discounts, look for the last-minute sales offered through Priceline Cruises. For example, a family of four can buy a 3-night Caribbean cruise for a total of $999.
Tip #10 Take Your Time and Research Your Purchase.
Priceline's new web site is equipped with TripFilter technology that displays an easy to read grid of comparative prices for airline tickets, hotel rooms and rental cars. Customers can organize the grid according to a number of categories, including lowest price, flight times, non-stops, alternate airports, hotel star rating, most popular and location. The options are there to help customers find the price and itinerary that's right for them. The tools are free to use. A few minutes spent surveying options can lead to a much better and wiser purchase.
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| Last: |
31.51 |
| Time: |
6/9/2006 4:00pm |
| Change: |
+0.37 |
| Opened: |
31.17 |
| Day: |
31.81 - 30.95 |
| Volume: |
528495 |
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