Economic problem alone is not the reason behind this but there are many different reasons. Well, we can say that recession is the main reason behind this because people lost their jobs and they were unable to cope up with day to day needs, so there was no question of spending extra money on vacation. The effect of the recession was unemployment which led to money problems. This is a problem which has arisen in recent years. The other reasons for this were due to the epidemics that were going on, so people feared of getting the disease and hence opted to stay at home rather than going out.
One more reason could be that if we go to someplace which is costly then our expenses rise which keeps pinning us, and the end result being an addition of one more tension after we come back. The vacation was meant for stress releasing but unfortunately, it results in extra stress. But here with the idea of a staycation, this extra stress can be avoided by paying a zero amount and that too enjoying good time which can be done at the backyard also (Walmart stores).
The other reason for a staycation is the rise in the fuel price which makes traveling expensive. Another reason for this could be the weather which can also affect the plan of vacation. Different countries have different weather conditions. People living in cold countries sometimes cannot cope with the hot or humid weather and often tend to fall ill or vice versa, which in turn results in heavy hospital costs. It is something like this, that we go to buy something spending a big amount and return by getting nothing.
Like these, there are many reasons because of which people prefer staycation rather than holidaying out. One more point which comes in my mind is about the differences in the currency value. If the people living in developing countries plan to go out abroad then they will have to buy the currency of that place before going there so it is like that they have to pay more to get a minimum amount.
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