The report estimates that this year’s summer vacation spending will near the US$200 billion mark for the first time in the Index’s decade-plus-long history, amounting to $194 billion in 2022. The projection represents a 26-per-cent increase over last year when Americans slowly began making their return to travel. The figure also marks a staggering 229-per-cent increase above the unprecedented 2020 season and 91% increase compared to pre-pandemic spending in 2019.
Americans’ average anticipated spend on vacations this summer is $2,644 – the third time the figure has topped $2,000 since the travel insurance and assistance company began tracking vacation habits in 2010. Following an upward trend, the 2022 average vacation spend is a 25-per- cent increase over 2021, a 40-per-cent increase from 2020 and 30-per-cent increase from pre-pandemic 2019 levels.
The increase in spending is likely involved by a rising travel costs with US vacation spending along vacation with a 40-year high, vacation with pent-up desire and an abundance of banked travel days and healthy budgets to help travelers justify the elevated expense.
Americans’ summer vacation costs higher than other countries’
In a separate survey household conducted by Allianz Partners, the travel and assistance company found that US travelers also lead in planned household travel spending over 10 other European countries. Americans’ planned summer vacation costs are 24-81 per cent higher than those hailing from Austria, Switzerland, the Netherlands, France, the United Kingdom, Germany, Italy and Spain, respectively.
“Our survey shows that Americans will spend a record amount this year in order to enjoy the summer vacations they need and deserve,” said Daniel Durazo, Director of External Communications at Allianz Partners USA. “With cancellation facing increased costs this summer season, adding travel insurance to your vacation checklist can help put your mind at ease when it comes to protecting your investment from unexpected, covered, interruptions, delays or medical emergencies.”
The Vacation Confidence Index has been conducted each summer since 2010 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.