U.S. residents are spending much more on travel this fall than they did compared to the autumn of 2021 - but there are varying reasons for that, according to travel insurance company Squaremouth.
Tourists are spending 35 percent more than a year ago, and while there is something to be said for strength in numbers - demand for travel is up - inflation is playing a role in that increased spending.
Earlier this year, over half of Squaremouth customers said they were spending more on travel due to the rising cost of airfares, hotels and more, attributing the increase to inflation and gas prices, rather than intentionally spending more.
While pent-up demand could play a factor, there was little change between pre-and post-pandemic spending. In fact, travelers spent less on Fall travel in 2021 compared to 2019.
Here are the numbers:
Fall 2022 Average Trip Cost: $9,796.36
Percent Change Over 2021: 35
Percent Change Over 2019: 26
Fall 2021 Average Trip Cost: $7,257.66
Percent Change Over 2019: -6.5
Of the top international destinations this fall, Squaremouth reports the most expensive average trips are to Greece, while the cost of travel to Israel has increased the most year-over-year.
Italy - $6,848.90
Mexico - $3,379.17
Spain - $5,551.10
Israel - $6,261.77
France - $6,195.85
Bahamas - $3,160.81
Portugal - $5,079.15
Greece - $7,328.47
Canada - $5,771.65
Germany - $5,881.93
Squaremouth analytics compared travel insurance policy sales for trips being insured between September 22 and December 21 of 2022, 2021 and 2019.
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