Despite gasoline prices teetering around $4 a gallon in most regions, two recent reports indicate more Americans plan on traveling this Memorial Day weekend than last year. As the official start to the summer travel season, this weekend should be a bellwether of what’s to come.

AAA projects 34.9 million Americans will travel 50 miles or more from home this holiday weekend, a 0.2% increase from a year ago. A survey of 1,000 consumers commissioned by Deloitte reveals 22% of respondents plan on taking a leisure trip this weekend, up from 19% a year ago.

Those results are definitely a positive sign for the lodging industry, since more travelers obviously equates to more booked hotel rooms. Considering the national average for regular gasoline was $3.81 Thursday, according to AAA’s Daily Fuel Gauge Report, more than a $1 more than a year ago, those numbers are quite impressive and a sign the economy and consumer confidence have improved.

Although more people are expected to travel this weekend, many will keep a closer eye on their budget. “Some travelers will compensate for the higher fuel costs by cutting other areas of their travel budgets,” said AAA President and CEO Robert Darbelnet.

A survey of intended travelers from AAA found six out of 10 would not alter their plans because of escalating gas prices, but the remaining four said the cost of gas would result in economizing in other areas. Deloitte’s survey revealed 18% of respondents said they would not take a trip this weekend because of higher fuel prices, and almost 60% of those planning a trip would scale down their plans for the same reason.

At last week’s annual Choice Hotels convention, CEO Steve Joyce told an audience of franchisees that his company’s value-oriented brands would benefit from increased gas prices as consumers looked for less expensive accommodations.

Adam Weissenberg, the vice chairman for Deloitte and its U.S. tourism, hospitality and leisure sector leader, said drive-to resort locations would also benefit as people opted to drive instead of fly as the result of increased airline fees. He said in 2008, during the last spike in gas prices, state parks, local beaches and other drive-to markets benefitted.

Adam Weissenberg, the vice chairman for Deloitte and its U.S. tourism, hospitality and leisure sector leader

Weissenberg noted the impact of increased gas prices was in reality not that significant over a few-day period, but the long-term effect of higher fuel costs in every day life is what actually affects vacation plans.

“The impact on that one trip isn’t that much,” he said. “But if you’re driving all week to work and looking at those prices, that’s when it hits someone: ‘Wait a second, my cost on a daily basis went up significantly—Wow, I need to save some money.’ And the first thing cut is the vacation, not food or the electric bill.”

Because it’s the psychology of a $4 (or more) gallon of gas, Weissenberg suggests drive-to hotel and resort locations could benefit by offering free gas cards or other fuel-related incentives.

Although the survey from Deloitte indicated a bump in Memorial Day travel, it also revealed 45% of those surveyed planned a trip from June 1 through Labor Day (Sept. 5), a 1% decrease from a year ago.

Even with escalating gas prices and those mixed signals from consumers, Weissenberg believes the economy and consumer confidence are heading in the right direction.

“This still showed we’re upticking,” he said of Deloitte’s survey. “Even if it’s flat, there are no worry signs. I think overall we’re in recovery.”