Photo: Michael Godek / Moment / Getty Images
(Undated) -- The busy travel season is getting underway, and economics Professor Ernie Goss of Creighton University in Omaha is predicting a strong season.
"This travel season will be better than last year, in fact it will be a very good travel season for several reasons; airline tickets are down 6-7 percent from last year at this time, the value of the US dollar is stronger, which means in terms of international travel, your dollar goes a lot further," said Goss.
Goss says top income earners have benefitted from a strong stock market, and will likely travel more this summer. He says middle income earners will travel about the same as last year. Goss notes, the bottom third may stay home, due to inflationary pressures eating into their budgets. He says the bottom two-thirds will take more road trips.
He says the trends reflect the larger economy, showing the upper tier doing very well, the middle doing okay, and the bottom third not doing well at all.
Goss says inflationary pressure has led to higher balances on credit cards, for the lower two-thirds earners. He says credit card debt is at a record $1 trillion, and credit card interest rates are around 20%.
Goss predicts a strong summer travel season but also says much like the overall US economy, it depends on who you ask or which sector you study. He notes the nation's economy is growing just 1-2 percent, and that's a reflection of averaging the upper, middle, and lower income earners.