by Brian Major
Last updated: 12:29 PM ET, Fri June 20, 2014
Americans are ready for some summer vacation travel, according to results of a new survey from travel insurance provider Allianz Global Assistance USA. The survey reports more than half of U.S. travelers will take a vacation this summer and spend a collective $100 billion on such travel in 2014, up 20 percent from 2013.
The Allianz Travel Insurance Vacation Confidence Index tracks Americans' confidence in their ability to take summer vacations and reports their intended spending while away. The study found more than half of the Americans surveyed (52 percent) say they will take a vacation this summer, up five percentage points from Allianz' 2013 survey. Moreover, Americans will spend an average of $1,894 on family vacations this year, up eight percent from $1,755 in 2013.
Americans' increased intent to travel this summer is good news for travel marketers, who will reap an additional $18 billion over the $82 billion vacationers spent on summer travel in 2013, according to the survey. Travelers ages 35 to 54 will spend the most on their vacation ($2,359), followed by those ages 55 and over ($1,733) and those aged 18 to 34 ($1,411).
Allianz' survey also found the country's "vacation deficit" - the percentage of Americans who think that a vacation is important but are not confident they'll be able to take one - has eased. One in five Americans (21 percent) is facing a vacation deficit, down three points from 24 percent in 2013. In addition fewer Americans report being vacation deprived as four in 10 (39 percent) say they haven't had a vacation in more than two years, down five percentage points from 2013.
"Summer travel has rebounded strongly, and that's good news for the travel industry," said Mike Nelson, Allianz' CEO.
In addition more travelers are considering purchasing travel insurance. Nearly half of the Americans surveyed (49 percent) said recent global events have caused them to consider purchasing travel insurance for future foreign travel. Another one in three respondents (34 percent) have already purchased travel insurance for a trip abroad. "While Americans are eager to experience new places and cultures, they are also savvy enough to protect their vacation with travel insurance," Nelson added.
Allianz' 2014 survey findings are based on an Ipsos poll conducted June 6 to 10, 2014. The Vacation Confidence Index has been conducted each summer since 2010 and is based on a nationally representative sample of 1,000 randomly selected U.S. adults interviewed by telephone.
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