hi, everyone. welcome to "on the money." i'm becky quick. what does it mean for your wallet? we'll talk to the ceo of travel search engine, kayak. high-tech meets high fashion. staying plugged in while fashion forward. the sharing economy isn't just for young people. meet the new generation of uber driver. >> i told my wife, i said, i'm going to drive a cab. she laughed. >> and let the sunshine in. when does it pay to go solar and get the good panels on your home? can you go green and see extra cash too? "on the money" starts right now. >> this is "on the money," your money, your life, your future. now, becky quick. >> millions of americans are expected to escape the office this year. but the amount of money they are willing to spend on a summer

vacation has dropped. in search of a deal, americans now check an average of five web sites before booking travel. the upside, stuck in a long line at the airport and you know you got a bargain. that's our cover story this week. 198 million americans are planning on traveling this year. 13% increase from last year according to american express. and many of the travelers are heading to an airport. u.s. airlines are expected to carry 2.4 million passengers a day. up nearly 5% from 2014 according to industry group airlines for america. but most want to spend less on their summer escape. the average american wants vacation to cost around $1,000 a person. that's a decrease of more than $200 from last year. the budget tightening comes as aaa's leisure travel index increased about 6%. in search of a deal, 61% of summer travelers will go online with 25% visiting seven or more web sites. but many americans are unaware

online travel web sites are consolidating. 80% of the web sites are controlled by just two companies, expedia and priceline. ex-poo expedia owns travelocity and hotwire and priceline with kayak. 140 travel searches in 18 different languages. steve hefner is kayak's ceo, co-fund co-founded the company. welcome. >> thank you. >> i used kayak and other sites to find the best purchase. what we talked about in the package though is that a lot of people didn't know these sites were consolidating. i'll admit, i didn't realize until recently you'd been bought by priceline. what does it mean for consumers trying to find an actual bargain? are they getting information every site they go to? >> depends. kayak is no different than the price they bought it. different from other sites, if a

consumer comes to kayak and send it to hundreds of other airline sites and hotel. they get a complete picture of what's available to purchase. >> what would i get from expedia or priceline? >> more results. we'll show you results from airlines that may not be listed on the web sites. >> you haven't gotten pressure from priceline to slow things down or do things the way they do things? >> priceline is great independently. there's six under each but we have our own branch identities and philosophies. >> let's talk about americans trying to find a bargain. this is a big deal. we know people are willing to spend less or hoping to spend less than they were last year at summer vacations. what do you think is happening and what does it mean when you can go to try and find different prices at different places? >> well, it means you have to be a little bit more aggressive about what you do. book earlier than you might want to and be more flexible in travel plans in terms of dates and destinations. kayak historically did a great

job at, if you knew where you wanted to go, finding the lowest price. now we say, hey, if you want to search, this is our support function, go to a beach in june for less than $500, we'll show you all the options for that. >> in terms of how you get paid, you show somebody else the sales. the money goes to them. how do you get a cut of the action? >> the most important thing for us is being comprehensive. we want to help the consumer first. but we are supported by a small referral fee. if the transaction actually gets completed as well as the advertising on the side for the site. >> consolidation, prices going up. what have you seen from where you sit? >> there's no doubt that airfares are higher than they were historically. i don't know if that's a function of higher consumer demand or airline consolidation. the government will look into consolidation and we don't have a dog in that fight but help consumers find cheaper airfares. >> kayak, you were one of the

few sites i heard that did things like this but it seems like an industry that's constantly updating. you've got competitors like a hipmunk, which i've never used, and trivago is another. how do you stay ahead of the curve? >> online travel is biggest. you're always going to get new entrants. kayak is comprehensive and scale these other sites don't. not only hotels for tonight, next week, next month, not only do we show you a handful but every hotel, to get there, we have flights, rebtnt a cars, et cetera. but kayak is a pioneer and still massive. >> steve, one time i got burned. not through kayak. i bought through another site and when i went to try to change the dates, the airline basically told me forget about it. you didn't buy that from us. you bought it from a third party. what do you make sure consumer is getting quality and taken care of on the trip? >> it's important for kayak to show direct options. i think the best place to book

is on american.com and kayak, we show that as an option. we show the otas as well, the online travel agencies, but direct, you're in a better spot. >> in terms of just how it means, what's the best way to get the deal? you say things are changing. booking 30 days in advance, 60 days in advance? is it wait until 2 weeks and see what bargains because people haven't bought up the seats? what would you tell people? >> the earlier you book, the better off you are in terms of pricing if you know where you want to go. on the kayak on the left-hand side, we have the price tool to tell you what's happening with airfares. and then we also have a travel hacker guide which tells you if you're flexible with days and destinations, how to get more bang for you buck. >> how much do people use the travel hackers? >> people are flexible, you'd be surprised. when you give them places to go, than you'd suspect. >> thank you so much for joining us. >> thank you, becky. appreciate it. what's making news into a

new week on "the money." interest rates going up. janet yellin gave her mid year economic outlook. she said rates likely are going up sometime this year, but should not overemphasized, but should remain low for a long time to come. a strong week for stocks, especially the nasdaq. set a new record on thursday. there was optimism on hope that the greek debt crisis will finally be resolved, but you could be waiting for that too. markets were mixed on friday. americans spent less than expected in june. retail sales fell 0.30%. consumers make up more than two-thirds of the u.s. economy. a big week for earnings. most financials came ahead of expectations including j.p. morgan chase, bank of america and citi bank. goldman sachs fell short. streaming service netflix beat analyst projections as well as

intel. chalk this up under strange but true category. a hotel theme park in japan became the first robot hotel. they can check you in, take your luggage and maybe scare you and freak you out too. up next, wearable technology gets a fashion upgrade. instead of being glued to your phone, a top designer lets your accessories do the talking. and later, the new economy meets older americans. why your next uber driver might not be a millennial. as we head to a break, look at how the stock market ended the week.

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iran has violated 20 international agreements and is the leading state sponsor of terrorism. and new york is my home. there's no place like it in the world... like our state parks. the adirondacks are my favorite. for hiking, fishing, camping, you name it. niagara falls is the oldest state park, but visiting it never gets old. the readers of a national newspaper voted letchworth the #1 state park in america. watkins glen, #3. new york state parks are a gift. plan your vacation at iloveny.com/summer there's something for everyone. fashion meets function nowadays as luxury designers capitalize on the wearable technology trend started by the likes of google glass and fit

bit. one touch designer is rebecca minkoff and yuri minkoff. they're here. thank you. >> thank you. >> you're known as the designer probably most involved withwear making sure they fit. how did you get into that. >> i think we found consumer has it all the time. being a millennial focused brand, it would make sense to give the way she receives information. >> and you're the technology guy. >> yes, had a company before this. consumer is a millennial, online digital native. never knew anything different. it's our goal to keep in touch with her and all of her devices, how she consumes information and shops. we want to be there with her as discovering new things. >> i think what's most amazing, you have products that are

really seriously useful products. you're not just talking about technology as a fashion statement or something. let's take a look at some of these. this may be my favorite. >> we wanted to do something where you could put your phone away, you could have a lunch meeting with your boss, go out with your family and not constantly have your phone out. this allows you to program up to 25 people that will give you a slight vibration. so it notifies you if you get something important and setting it to your babysitter or nanny. the people most important. we want to make sure fashion came first. no one would be the wiser. >> it doesn't look like -- i think that's the problem with some of the wearable things i've seen. i don't want to look like a robot walking around. >> that was our whole theory. if we gave something you'd want to wear nanyways, the technolog was functioning or the battery died, but if we gave you a great price value ratio and felt great with it, having the technology is just a boost. >> what does something like this cost? >> $120. >> okay. and again, i can program it and set up to 25 people.

just various. what are some of the other accessories you bought? >> some of the other accessories is a usb charger. you wear it as a bracelet. you can plug it in to a consumer. goes right in. but it's stylish, it's cool. it's about making accessories, women want to wear them but look fashionable while doing it. >> something you've done, re k rebecca is incorporate in the stores. what can people get in the store? >> i think it's taking away the pain points. people want the vip experience. some people want to be totally anonymous. some might want the lighting for the event you're going to go to. we've integrated by survey, over 100 women in the office. what do you really want when you go to get dressed? do you want to reach your head out to call the associate or tap out a button to get the new size? >> it sounds like you want to control the experience of the shopper from start to finish. that why you open more and more

stores? how many more brick and mortar stores are you opening up? >> today, we have new york, san francisco, hong kong. we just recently got back from. opening chicago the end of this year. we plan to open two to three or four stores a year. but i really think it's the rebecca experience. >> rebecca, you have an amazing success story at a young age. what advice would you give to other entrepreneurs interested in chasing their own dreams like this? >> i'd say be persistent. to this day, we get told no. surrounding yourself with people who can support you. i was able to be lucky together. we have an incredible president. she does sales. he's forward thinking technology. i make some pretty things sometimes. but i think it's like a perfect storm. it's a good team. >> all right. rebecca, yuri, thank you so much for being here. we really appreciate your time. >> thank you. next for "on the money," a second career for retirees issue it's far from volunteer work. find out how the profit motive

is driving this. that's ahead. and going solar. a bright idea if you're looking to save on home energy bill, find out how much the stunning savings can really cost you.

the economy that connects freelancers with available work for uber and airbnb. kate rogers with more on that. >> unlikely recruits for the sharing economy, they're having fun and finding work. as the american workforce with workers over 65 outnumbering teens for the first time since 1948 according to the aarp. some retirees finding new work in the economy. take 69-year-old judith gordon in phoenix, arizona.

gordon read about uber in an ad and intrigued by the opportunity presented. >> i love the ad. and i was accepted but i didn't take the application for three months because i was in limbo. not sure whether i wanted to be a driver. so i had a dream and it said, to me, i can make a lot of money. so i went down and picked up my phone and started driving right away. >> gordon drives as much as 50 hours a week calling uber her past time. she can make up to $850 a week as a driver partner. >> i do love meeting new people. every rider is a new person. with a new personality and new things to talk about and it's actually exciting. >> the aarp said about one-third of the american workforce is now over age 50. uber's driver demographics aren't far off from that stat. in a report released earlier this year, uber said 25% of its driver partners are also over the age of 50. information about driver demographics from companies like

uber and lift, mainly, how many drivers total they have is scanned. way out in california courts over whether drivers for both companies are employees or independent contractors. for drivers like donnie, a 64-year-old retired entrepreneur, employee status doesn't matter. began driving for uber nearly nine months ago. he read about intrigued. >> it sounded too good to be true. i told my wife, i'm driving a cab. she said, you won't last a week because you hate to drive. i said, i've never been paid so let me see what happens. >> now he's hooked driving up to 35 hours a week. >> for somebody that's retired and the times i drive, i found the best time for me was weekdays, not at night, not on weekends. and for whatever reason, it worked for me. i make enough money it supplements our income to take more vacations every year.

that's the whole gist of this, me and my wife go on vacations. >> uber competitors lyft and side car said seen increase in drivers over 50 and side car average ages range. it's really interesting. you can understand the flexibility. why that's great for somebody older. may have been has more, less need for income but wants to do this to supplement things but we've also heard this past week, hillary clinton krit sidcritici economy with the lawsuits how places like uber, airbnb and lyft. does the drama start to distract from the growth or affect the growth? while hillary's criticism are met with jeb's rebuttal yesterday, the sharing economy start-up. uber has a lot of drama but always met with a win. we heard business travelers now favor them over taxis for the first time ever. they might be approved later in august to pick up and drop off

at lax. one of the biggest airports in the country. so we're becoming a nation of freelancers. 53 million people are working these freelance jobs and uber and lift are undeniable forces. i think the drama adds to the interest and the intrigue for a lot of people. >> we will be watching. thank you. up next on "the money." eco-friendly and water friellet friendly. how solar power can give you positive energy.

for more on our show and guests, otm.cnbc.com and on twitter @onthemoney. some stories to impact your money this week. tech giants amazon, apple, report their earnings and starbucks and dunkin brand. the dodd frank wall street reform bill that was passed to prevent a recurrence of the events that caused the financial crisis of 2008. one small step for mankind. and first steps on the moon. got existing home sales for the month of june being released and on friday, new home sales for june are out. you probably received a call for something going solar. it may make sense for your home and may not. joining us now, senior financial

correspondent on what it takes to go solar, sharon epperson. what does it take? >> it takes taking a look at where you live and how your house is positioned to see if it's going to make a great benefit for you. all of us in the country, it will be the southwest area where you see the most but basically anyone can go solar. it's enough space on your roof or land and what you want to think about. >> how much to set it up and how much before you recoup those costs? >> maybe as much as $20,000 to set it up. you need to look at the math and calculate the potential savings. the warranty is just about 25 years. and you want to calculate how much you'll save over that

period of time. how much it will cost for the panels, the energy, for the monitoring system. all of those and what you can do to have incentive to bring down the cost. and when he adds the tax incentive, 20% more and 50% of the cost that could be taken away based on incentive. >> are there hidden things before people decide do go solar? look out? >> one of the things you want to make sure you look out for, i'm always into the same. so make sure you go on the database look at the possible incentives and have the right kind of roof, if you have a spanish roof or an expensive roof. asphalt roof and going to be cheaper. you try it out and can't lease these. the other thing to think about, called net metering.

it goes back and forth in terms of the metering of how much energy you're using. if you use all you need, you might be able to get a credit for that. you might want to look into that too. >> sharon, is this a situation to add to your property value or detracts from it? >> it can add to your property value. if you look at how much you're saving in terms of your utility bill, you can add $20 in terms of your increased property value. so for some folks, that could be $17,000 extra property value over the 25 year live. and something to consider, you want to do for your home to save energy and costs while you're in it and just do the math. >> sharon, thank you. >> sure. >> that's the show for today. i'm becky quick. thank you so much for joining us. next week, many couples split up over money issues. can a financial therapist improve both your relationship with money and with each other? each week, keep it right here. we're "on the money."

have a great one, see you next weekend.

that breaking news is in south philadelphia where crews are battling a three-alarm fire at a building under construction. police say it could be arson. we're live on the scene with this morning's developments. plus, a heat advisory will soon be in effect for the area. how high the mercury is expected to rise on this steamy sunday. looking hazy out there. good morning, this is nbc 10 news today. i'm rosemary connors. 5:30 on this sunday. it is a first alert weather day. meteorologist michelle grossman is tracking that oppressive heat and humidity that we are expecting later on. good morning, michelle. good morning. we have an excessive heat warning for philadelphia and surrounding areas. north and we