The holiday season is now just around the corner and it looks like many more Americans will devote their money toward travel and entertainment before the year ends. Reuters reports that Americans are planning to spend 11 percent more money on air travel over the holidays this year than they did last year.
Because the tourist industry is a large part of the Arizona economy, this news could be good for people living in the state. According to the study, more Americans are planning to take domestic trips rather than vacations to foreign countries. Families of four will reportedly spend an average of $1,800 traveling this year. 54 percent of young professionals said that they would be spending more money this compared than last year.
"We've found that people are spending more on things that matter to them, such as vacation, as it allows them to spend time with family," Claire Bennett, the manager of American Express' Consumer Network, told Reuters.
The city of Phoenix can certainly benefit from a boost in the economy. Many people in the Valley are struggling with debt, while the jobless rate remains at 8.7 percent. The unemployment rate for the state of Arizona is at 9.7 percent.
Perhaps more jobs will be created during the holiday season, particularly in the travel and entertainment industries. But even with a boost in the economy, Phoenix bankruptcy attorneys still continue to help people that need help managing debt and finances. To learn more about debt relief options, see our Related Resources pages.