This year is a new record for Americans' summer vacation travel spending, according to Allianz Partners USA's annual Vacation Confidence Index.
According to Allianz Partners, Americans are set to spend upwards of $221 billion on summer vacations this year, a 3% increase from last year and a gigantic 118% increase from 2019.
Besides spending, the number of travelers also significantly increased. 61% are expected to travel in summer 2024, a massive increase from 2019 when only 42% of Americans planned to travel.
“This summer, we expect to again see a record-breaking number of Americans traveling for their summer vacations. Whether trips are planned for a neighboring state or an international bucket-list destination, an increase in traveler numbers can translate to an increase in unexpected and undesirable travel delays,” Director of External Communications at Allianz Partners USA Daniel Durazo said.
“While travel costs remain inflated, our survey confirms Americans are not letting sticker shock hamper their vacation plans which makes investing in a travel insurance policy with travel delay coverage a smart move to protect their considerable trip investment,” Durazo continued.
Allianz Partners also found that this year, the average household in the U.S. is set to spend about $2,843 on their summer vacation; 2024 is also currently the 5th year on record that spending has topped $2,000 since 2009, according to Allianz Partners.
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