June 07, 2023

Americans Expect to Spend a Record-Breaking $214 Billion on Summer Vacations This Year

Americans are showing no signs of slowing down when it comes to splurging on their summer vacations. For the first time in Allianz Partners USA's annual Vacation Confidence Index, the travel insurance and assistance provider found that Americans' total spend on summer vacations is likely to cross the $200 billion mark, projected to amount to about $214,000,000,000. The figure represents approximately a 10% increase over 2022, a 39% increase over 2021, a staggering 261% over 2020, and remarkable 111% increase compared to pre-pandemic spending in 2019.

15th Annual Vacation Confidence Index
Allianz Partners USA’s 15th Annual Vacation Confidence Index Projects
Americans’ Spend to Reach All-Time High This Summer

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, topping $2,000 for the fourth time since Allianz Partners began tracking vacation habits in 2009. Three years after the pandemic, average expected vacation spending per household has increased by almost $1,000, marking about a 7% increase over 2022, a 33% increase from 2021, a 50% increase from 2020 and a 39% increase from pre-pandemic 2019 levels.

"We expect to see a record-breaking number of American travelers this summer, and whether heading near or far, increased traveler numbers can mean an increased chance of travel delays," said Daniel Durazo, director of external communications at Allianz Partners USA. "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 has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. A vacation is defined as a leisure trip of at least one week to a place that is 100 miles or more from home.

Copyright 2023 Allianz Partners. All rights reserved. From http://www.allianztravelinsurance.com/.

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