AAA forecasts 46.9 million Americans will journey 50 miles or more from home during the Thanksgiving holiday, a slight increase over the 46.6 million people who traveled last year and the most since 2007. With 300,000 additional holiday travelers, this marks the seventh consecutive year of growth for Thanksgiving travel. The Thanksgiving holiday travel period is defined as Wednesday, November 25 to Sunday, November 29.

“This Thanksgiving, more Americans will carve out time to visit friends and family,” said Jennifer Cook, AAA Washington Spokesperson. “While many people remain cautious about the economy and their finances, many thankful Americans continue to put a premium on traveling to spend the holiday with loved ones.”  

Despite improvements in the economy, including steady wage growth, rising disposable income and a falling unemployment rate, consumers remain cautious about their finances. However, gas prices remain well below 2014 levels, providing an early holiday bonus to the more than 89 percent of holiday travelers who will drive to their destinations.

“One holiday gift has come early this year. Americans will likely pay the lowest Thanksgiving gas prices since 2008. Lower prices are helping boost disposable income, and enabling families to kick off the holiday season with a Thanksgiving getaway,” continued Cook.

Driving remains most popular mode of travel for Thanksgiving

Nearly 42 million Americans will take a holiday road trip this Thanksgiving, an increase of 0.7 percent compared to last year. Air travel is expected to increase by 0.1 percent, with 3.6 million Americans flying to their holiday destinations. Travel by other modes of transportation, including cruises, trains and buses, will decrease 1.4 percent this Thanksgiving, to 1.4 million travelers.

Lowest Thanksgiving gas prices in seven years expected

Drivers nationwide continue to experience significant yearly savings in the price of gas and AAA estimates that consumers are saving nearly $265 million on gasoline every day compared to a year ago. Most U.S. drivers will pay the lowest Thanksgiving gas prices since 2008. Today’s national average price for a gallon of gasoline is $2.15. In the state of Washington the average is $2.51, nearly 60 cents less than last Thanksgiving holiday and the average in Idaho is $2.23, 41 cents less than a year ago.

Airfares fall, hotel and car rental rates rise modestly

Airfares are projected to decrease 10 percent this Thanksgiving, landing at an average of $169 roundtrip across the top 40 domestic flight routes. Rates for AAA Three Diamond Rated lodgings are expected to remain relatively flat, with travelers spending an average of $155 per night. The average rate for a AAA Two Diamond Rated hotel has risen four percent with an average nightly cost of $118. Daily car rental rates will average $60, eight percent higher than last Thanksgiving.