Rising Travel Costs Are Among 2024’s Spring Travel Trends

by Laurie Baratti
Last updated: 5:40 PM ET, Wed February 7, 2024

Leading travel insurance marketplace Squaremouth has just released a new report, which indicates record levels of consumer spending on spring travel for 2024, with travelers spending approximately $800 more on their trips than they did last year.

Its findings—based on its own travel insurance policy sales purchased for travel dates that fall between March 19 and June 20, 2024—reveal fresh trends in traveler spending, as well as what look to be the most popular and budget-friendly destinations for the coming spring season.

The ferocious winter cold—with its below-freezing temperatures, ice storms and artic blasts—has many travelers dreaming of sunny springtime escapes. But, it seems those dreams come with quite a hefty price tag, as travelers are being seen to spend more on their upcoming trips than in years past.

Travel Costs Surging Over Last Year

Squaremouth's data reveals a stark reality for spring travelers: the price of a springtime escape has spiked dramatically. This marks the third consecutive year of rising spring travel prices, with an unprecedented 11.2 percent increase over the previous year.

Year	Average Trip Cost	Year-over-year Increase
2024	$7,719	11.2 percent
2023	$6,943	5.2 percent
2022	$6,599	6.9 percent

Being a travel insurance engine, Squaremouth emphasizes the importance of protecting these particularly high-priced investments to avoid incurring significant financial losses. It recommends considering comprehensive travel insurance plans with Trip Cancellation coverage to safeguard against such unforeseen circumstances and needing to unexpectedly cancel your trip. Such plans offer up to 100 percent coverage of even non-refundable trip expenses, including hotel and airfare bookings, should travelers find themselves forced to cancel for eligible reasons.

Top Spring Destinations Come at Premium Prices

European getaways appear to dominate people’s spring travel wishlists, with early data showing that 47 percent off all insurance policies sold for spring escapes have a European nation as their primary destination. However, jet-setting off to these picturesque Continental locales comes at quite a cost, as Squaremouth's analysis reveals that many of these top spring destinations carry above-average trip costs.

According to Squaremouth’s data, these are trending as the top 10 travel destinations for the upcoming spring season.

Destination	Percentage of Policy Sales	Average Trip Cost
Italy	8.94 percent	$10,075
Scotland	7.02 percent	$8,492
Mexico	5.19 percent	$4,667
Spain	4.97 percent	$8,689
France	4.82 percent	$9,588
Japan	3.90 percent	$10,869
Greece	3.38 percent	$9.690
Portugal	2.95 percent	$8,215
Netherlands	2.73 percent	$8,487
Bahamas	2.70 percent	$5,325

For travelers embarking on long-haul journeys, Squaremouth advises considering policies with robust Travel Delay and Missed Connection benefits. These protections can mitigate the impact of flight disruptions and other logistical hurdles.

Some Budget-Friendly Escapes Still Exist

Despite the unprecedented costs of travel, budget-conscious travelers need not abandon their dreams of a springtime getaway. Squaremouth highlights five destinations offering affordable alternatives to their pricier counterparts.