Allianz Study Shows Significance of Vaccine Development on Travel Demand

A majority of travelers feel that a proven COVID-19 vaccine would make them feel safe to travel again, according to Allianz Partners' latest survey of its U.S. travel insurance customers.

The award-winning travel insurance and assistance provider's study found that 58 percent—up as many as six points from Allianz's spring survey just after the pandemic began—of customers would feel safe to travel again with a proven vaccine.

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Travelers over the age of 65 placed more importance on the vaccine compared to customers under the age of 45.

Beyond an effective vaccine, travelers want to see health officials declare that it is safe to travel (48 percent) and also know that hotels, airports and other suppliers are taking enhanced safety measures such as advanced sanitization (47 percent). The latter is the most important factor among customers under the age of 45.

Additionally, Allianz determined that nearly one-third of respondents (32 percent) are uncertain when they'll travel next. However, the results show that age will ultimately play a key role, with nine percent of customers over the age of 65 planning to travel this season, compared to 18 percent of customers under the age of 45.

What's more, the research shows that most travelers (70 percent) plan to fly for their next trip rather than drive (19 percent), which could mean good news for the reeling airline industry.

"The promise of a highly-effective COVID-19 vaccine could be a substantial step toward recovery for the travel industry, and as our survey found, a key factor in customers feeling more confident booking trips for 2021," said Daniel Durazo, Director of Marketing and Communications at Allianz Partners USA. "With pent-up travel demand at a seemingly all-time high, we anticipate Americans will be looking to book their ultimate itineraries in 2021 to their favorite destinations."

Allianz's study results reflect a random sample of 3,500 OTA, B2C, airline and retail customers who purchased a policy between November 1, 2019, and September 30, 2020, and responses were gathered from October 27 to November 9, 2020.