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Summer 2023 has marked a momentous return to normalcy for Americans as they embrace the opportunity to travel after a prolonged period of restrictions and limitations. According to Allianz Partners USA‘s annual Vacation Confidence Index, Americans are expected to spend over $214 billion on their summer holidays this year.
This increase in travel spend represents around a 10% increase over 2022, a 39% increase over 2021, a staggering 261% more than 2020, and remarkable 111% increase compared to pre-pandemic spending in 2019. The average American household is anticipated to spend $2,830 on average for their summer vacation. This amount tops $2,000 for only the fourth time since Allianz Partners began tracking vacation spending in 2009. A vacation is defined as a leisure trip of at least one week to a destination that is 100+ miles away from home. For this survey, a sample of 2,010 Americans over the age of 18 were interviewed between May 2nd and 4th.
Daniel Durazo, Director of External Communications at Allianz Partners USA, said:
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. 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.”
Anthony’s Take: Flights are full. Hotel rates are sky high. Yet, Americans continue to travel and I’m expecting to see all sorts of records broken this summer. I know that I paid more for our tickets to Italy than I have for business class seats in many years. It will be a busy summer and patience and alternative plans are going to be necessary as it heats up.
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