Consumers continue to keep car parked at home

06.07.09
By Timothy Jones

Massive amounts of credit card debt, worry about job loss and the increasing cost of gas have more recently kept American families from venturing on a vacation.

Based on a new Harris Poll of over 2,600 U.S. adults, it seems that the staycation mentality and reduced spending on vacations may last a bit longer.

Harris reports little to no change from the last survey on Americans' expectations to travel. Sixty-four percent of survey respondents are not likely to spend more than a week away from home.

In fact, only about one-third (36 percent) of those surveyed say it is likely they will take a trip away - signaling that the backyard vacation craze may be here to stay.

Other big-ticket purchases are also on the back burner for consumers more focused on saving money and paying down debt.

Almost 80 percent of Americans are shying away from buying a new computer and roughly the same amount say they can't afford to move to a new house. An overwhelming 88 percent are foregoing the purchase of a new car until conditions improve.

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Higher gas prices are keeping some consumers at home during the summer travel season