Vacation spending habits reveal that Americans love summer travel.
It is estimated that U.S. travelers will spend more than $100.4 billion on vacations this summer-the second year in a row that the amount spent has crested the $100 billion mark.
According to the 10th annual Vacation Confidence Index conducted by Allianz Global Assistance.
"Traveling is an investment, and one that has been increasing over the last 10 years, as our Vacation Confidence Index shows," said Daniel Durazo, director of communications at Allianz Global Assistance USA. "While other variables-the stock market, airline ticket price, gas, hotel rates-change, it's safe to say that people continue to find value in and spend money on travel. Travelers may be able to protect many travel investments with the right travel insurance policy."
On averages, Americans anticipate that they will spend $1,936. This was actually down slightly from last year when travelers said they would likely spend about $1,978 on a summer vacation.
Over the last 10 years, spending is up 20 percent when the average amount U.S. travelers expected to spend on summer travel was $1,653.
Forty-six percent of Americans take a summer vacation, according to the survey. This number is also down 3 percent from last year. However, 18 percent of Americans took a vacation during the last three months, up 4 percent for the same time in 2017. Overall, American's total spending on summer vacation continues to rise.
Despite the fact that Americans are spending slightly less this summer on travel, some still overspend.
Allianz research showed that 10 percent of Americans admitted to going over budget while on vacation last, overspending by about 27 percent or $534.
Ninety-two percent of Millennials, ages 18-34, and 91 percent of Baby Boomers, ages 55-plus, did not overspend, while 87 percent of Gen X'ers, ages 35-54, were able to stay within budget.
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