Arizona has long been a coveted travel destination. Now, residents across the Grand Canyon State are choosing to travel locally rather than venture abroad. Roughly 53% of Arizonans would readily book a trip to a cool domestic location, rather than an international destination, to save money.
Arizonans plan to spend $4,220 — nearly 20% more than the national average — on summer travel this year. Local travelers are making other concessions to afford their summer adventures: 40% are cutting down on spending through the rest of the year; 63% will trade spending on “things” for “experiences” any day; and 26% are knowingly sacrificing long-term savings.
That’s according to a recent study from BMO Bank, which launched the Real Financial Progress Index in February 2021 as an indicator of how consumers feel about their personal finances and whether they are making financial progress.
