Summer has finally arrived and Americans apparently are united in their desire to get away from home. According to a recently released report by American Express, 75 percent of Americans are planning to travel this summer, and they plan to spend 10 percent more on average and on the whole, vacation spending is expected to rise by around 18 percent in 2014 over the previous year.
Who are the big winners in this, other than the millions of Americans getting the rest and relaxation they so richly deserve? Visa, MasterCard and American Express, according to the MotleyFool, as credit cards are the most frequently used method of payment for both booking travel and purchasing services when one is a stranger in a strange land.
Also standing to gain to from the sharp uptick in summer travel are online booking sites, such as Priceline. Struggling retailers could also see some renewed strength on the back of summer travel activities—most consumers surveyed noted that purchasing new clothes for travel as one of their top pre-vacation priorities.
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