Americans are confident about travel again, spending more on vacations this summer, according to a new survey by Allianz Partners USA.
Despite inflation, air travel woes and rising gas prices, 60% of those interviewed for the annual Vacation Confidence Index reported they planned to book a summer trip. Many indicated they would book multiple shorter trips.
Increased Spending Equals Confident about Travel
Vacation confidence is at an all-time high as is spending, the research shows. Outlays for summer 2022 vacations spending is nearing a record-breaking $200 billion mark—a 91% increase over pre-pandemic levels.
The research is based on interviews with 2,011 Americans, conducted in early May.
Americans report they are making travel a priority this year despite inflation and rising prices. They perceive travel as a form of self-care. Nearly half of those surveyed said they saved more over the pandemic and can afford to spend more on travel now.
Those interviewed said they intended to spend $2,644 per household—up over $700 from 2018 and more than $600 from 2019.
That’s all the more reason to protect their investment with travel insurance that can help cover costs when flights are delayed, cancelled, luggage is lost, and someone gets ill or injured.
Revenge Travel is a Thing
One in three Americas say they are “revenge traveling” this year.
Micro-Cations, defined as a short leisure trip more than 100 miles from home for four or fewer nights, are especially popular this summer. More than half of Americans say their next trip will be a micro-cation. Four in 10 Americans plan to take multiple short trips.
While Americans are confident about travel, there are still challenges to getting away. Some don’t want to take time off from work; some don’t want to take the time to plan. More than half of those surveyed don’t want to spend the money, another challenge. This is especially true among older Americans, who may be prioritizing spending time with grandchildren over traveling.
Where Americans are Confident about Traveling
Where are Americans going besides the usual summer spots? Beaches, mountains, theme parks and cruises are traditionally among the most popular summer vacations.
For younger Americans, there is renewed interest in concerts, festivals, and events. Among survey participants ages 18-34, three out of four report they plan to attend at least one such event. Nearly 30% are booking tickets to three or more events before the end of the year.
Whatever Americans plan to do, vacations have never been more important. The vast majority (74%) report taking a vacation is important to them.
More than half have taken a vacation in the last year. Two in 10 younger travelers report they’ve gotten away in the last three months, often using and trusting the sharing economy. But for three in 10, it’s been two or more years since they have traveled.
How about you? Ready to get away?
Eileen Ogintz, syndicated columnist of Taking the Kids, explored the results of the latest Vacation Confidence Index for sponsor Allianz Partners USA.
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