Memorial Day this year is colliding with soaring travel prices just as millions of Americans are eager to enjoy their first holiday weekend with scaled-back coronavirus restrictions.
The cost of airfares, car rentals and Airbnb bookings are all surging. Daily car rental rates have doubled compared to this time last year, average airfares have increased 14 percent during that same period and midrange hotel rates have increased between 29 percent and 34 percent, according to data from AAA.
Gas prices are also at their highest levels since 2014, with the average cost of a gallon $1.12 more expensive than Memorial Day 2020, AAA also reported.
But industry experts say the rising prices aren’t likely to discourage most travelers and tourists from hitting the road or hopping on a plane for the first time in more than a year.
“We don’t expect these higher prices to negatively impact travel for Memorial Day or this summer. There is significant pent-up demand right now and Americans are…