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CCTV script 11/24/22

– This is the script of CNBC’s financial news report for China’s CCTV on November 24, 2022.

As the end of the year approaches, many Americans will soon be in vacation mode. The holiday season begins with Thanksgiving this week through Christmas next month and then New Year’s. The period begins in late November and ends in mid-January. However, polls show that Americans seem less willing to travel this year than before.

According to the Deloitte Holiday Travel Survey 2022, 31% of all respondents have travel plans for the end of this year, compared to 42% last year. Among several reasons people may not be traveling this year, financial concerns account for the largest share. 37% of respondents who have no travel plans chose this option. This choice has moved up two places in the ranking. Additionally, 30 percent of respondents said they would pay for something other than travel, up four places from last year.

Focusing on those respondents who have no travel plans, 40% say their financial situation has gotten worse since the last year, 38% say there has been no change and only 22% say they have year is better.

Those planning a trip may face a wave of price shocks including airfare, gas, accommodation, etc.

According to an airfare tracker compiled by analysts at Wall Street investment bank Cowen, the average price of airline tickets rose about 40 percent year-over-year, with leisure travelers paying an average price of about $289 for a one-way ticket.

However, more people will travel by car than by plane. The American Automobile Association estimates that 4.5 million people will travel by plane over the holidays, but the number of people traveling by car will number as high as 49 million.

The national median price for regular gasoline in the US is currently $3.609 a gallon, well below the record high of $5.02 in June but still about 6 percent higher than the $3.403 recorded a year ago.

Hotel prices are also more expensive at this time of year than in previous years. The cost of being away from home is up 6 percent year-on-year and 12 percent from October 2019, according to the Consumer Price Index for October.

The phenomenon of “laptop luggers” is also interesting. “Laptop loggers” are those who plan to work during their longest trip of the season. With the proliferation of remote working patterns and a desire to extend year-end trips, some Americans are choosing to travel with their computers. This allows them to combine several holidays at the end of the year.

The data shows that these laptop loggers plan an average of 2.6 trips at the end of the year, more than the 1.8 trips typically planned by others. On average, laptop loggers add more than a week (eight days) to their trips because they can work remotely. Typically, these travelers are younger, and the Deloitte report shows that they are on tighter budgets and more concerned about discounts.

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