Americans will spend a record-breaking $194 billion on summer travel in 2022, according to Allianz Partners USA's 14th annual Vacation Confidence Index.
The eye-popping projection marks a 26 percent increase over last year and signals a monumental 229 percent increase over the pandemic-plagued 2020 summer season. What's more, the $194 billion is a 91 percent increase compared to pre-COVID spending in the summer of 2019.
U.S. travelers' average anticipated spending on vacations this summer comes in at $2,644, a 25 percent increase over 2021, a 40 percent increase from 2020 and a 30 percent increase from 2019. Allianz attributes the increase in vacation spending to a combination of rising travel costs with U.S. inflation approaching a 40-year high in addition to pent-up demand, a wealth of banked vacation days and healthy travel budgets.
The Index has been conducted each summer since 2010 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA and defines a vacation as a leisure trip of at least one week to a place that is 100 miles or more from home.
According to a separate survey conducted by Allianz Partners, Americans lead in planned household travel spending over 10 European countries surveyed. More specifically, U.S. travelers' planned summer vacation costs are between 24 and 81 percent higher than travelers from Austria, Switzerland, the Netherlands, France, the United Kingdom, Germany, Italy and Spain.
"Our survey shows that Americans will spend a record amount this year in order to enjoy the summer vacations they need and deserve," Daniel Durazo, director of external communications at Allianz Partners USA, said in a statement. "With travelers facing heightened costs this summer season, adding travel insurance to your vacation checklist can help put your mind at ease when it comes to protecting your investment from unexpected, covered cancellations, interruptions, delays or medical emergencies."
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