Americans’ summer vacation travel spend to reach record level
Despite cost of living worries and high airfares, Americans are showing no signs of slowing down on spending on their summer vacations.
For the first time in Allianz Partners USA‘s annual Vacation Confidence Index, Americans’ total spend on summer vacations is likely to cross the $200 billion mark.
It projects a spending total of about $214 billion.
The figure represents around a 10% increase over 2022, and a huge 111% increase compared to pre-pandemic spending in 2019.
According to the 15th Annual Vacation Confidence Index (VCI), Americans have doubled their summer vacation spending in just four years.
In 2023, the average American household is anticipated to spend an average of $2,830 on their summer vacation.
Three years after the pandemic, average expected vacation spending per household has increased by almost $1,000.
“We expect to see a record-breaking number of American travelers this summer, which can mean an increased chance of travel delays,” said Daniel Durazo, Allianz director of external communications.
“While inflation and strong demand have kept travel prices high, Americans are still willing to pay top dollar.”
The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA.
It defines a leisure trip of at least one week to a place that is 100 miles or more from home.
Allianz Partners offers travel insurance through most major US airlines, travel agents, OTAs, hotel companies, and cruise lines.
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Learn more about : Allianz Travel ( N. America )
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.