Americans’ Spending on Summer Travel Is Expected To Break Records This Year
16-06-23
The 15th annual Vacation Confidence Index from Allianz reveals that Americans are not slowing down when it comes to splurging on summer getaways.
In fact, for the first time since Allianz starting conducting the annual index, Americans’ total spending on summer vacations is likely to surpass the $200 billion mark and reach a whopping $214 billion before all is said and done.
That figure is about 10 percent higher than summer spending in 2022 and is a eye-popping 39 percent over 2021. It’s also 261 percent more than 2020 spending, though that last figure is somewhat less shocking given that the world was still very much impacted by a global pandemic.
Perhaps more notable—this summer’s projected spending is 111 percent more than 2019, which was the pre-pandemic era. Call it revenge travel, call it pent up demand, Americans are not going to miss out on their summer getaways this year, even it if means paying a steep price for everything from airfare to food and hotel rooms.
Summer travelers
Additional takeaways from the enlightening survey include:
The average American household is expected to spend an average of $2,830 on their summer vacation this summer.
It is only the fourth time since Allianz Partners began tracking vacation habits in 2009 that average summer vacation spending topped $2000.
Three years after the pandemic upended the travel industry, the average expected summer vacation spending per household has increased by almost $1,000. That's about a 7 percent over 2022, a 33 percent from 2021 and 50 percent more than 2020.
The projected average household spending for 2023 also represents a 39 percent uptick over 2019 pre-pandemic vacation price-tags.
“We expect to see a record-breaking number of American travelers this summer,” Daniel Durazo, director of external communications at Allianz Partners USA, said in a statement. “While a devilish mix of inflation and strong demand have kept travel prices elevated, as our survey found, Americans are still willing to pay top dollar for a well-earned summer vacation.”
The Vacation Confidence Index is conducted each summer by the national polling firm Ipsos Public Affairs. The survey defines a vacation as a leisure trip of at least one week to a place that's 100 miles or more from home.
The Allianz data is merely the latest in a string of recent reports indicating that this summer is likely to be an extremely busy one for the travel industry. Deloitte released a study in May confirming that the summer travel economy is back in full swing.
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