Americans Set for Summer Travel Spending Record
Americans continue to spend more 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.
The projected amount is about $214,000,000,000, which represents approximately a 10% increase over 2022. It is also a 39% increase over 2021, a staggering 261% over 2020, and a remarkable 111% increase compared to pre-pandemic spending in 2019.
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. Protecting pre-paid expenses with a travel insurance policy that also offers travel delay coverage can end up being one of the smartest investments they can make.”