When it comes to setting their summer vacation budgets, Americans aren’t showing any signs of slowing down. The annual Vacation Confidence Index from travel insurance and support company Allianz Partners USA revealed that for the first time, Americans are expected to spend an estimated $214 billion on summer vacations, potentially crossing the $200 billion threshold.
The amount indicates a rise of roughly 10% from 2022, 39% from 2021, astounding 261% from 2020, and remarkable 111% from pre-pandemic spending in 2019.
According to the 15th Annual Vacation Confidence Index (VCI), Americans have doubled their summer vacation spending in just four years. The average American household is projected to spend $2,830 on summer vacations in 2023, exceeding $2,000 for the fourth time since Allianz Partners started monitoring vacation spending patterns in 2009. Average predicted vacation expenditure has climbed by over $1,000 per household three years after the pandemic, which represents an increase of around 7% from 2022, 33% from 2021, 50% from 2020, and 39% from pre-pandemic 2019 levels.
“We expect to see a record-breaking number of American travelers this summer, and whether heading near or far, increased traveler numbers can mean an increased chance of travel delays,” said Daniel Durazo, director of external communications at Allianz Partners USA. “While a devilish mix of inflation and strong demand have kept travel prices elevated, as our survey found, Americans are still willing to pay top dollar for a well-earned summer vacation. Protecting pre-paid expenses with a travel insurance policy that also offers travel delay coverage can end up being one of the smartest investments they can make.”
Since 2009, Allianz Partners USA has commissioned national polling company Ipsos Public Affairs to conduct the Vacation Confidence Index each summer. A vacation is regarded as a leisurely journey lasting at least a week to a location at least 100 miles away from home.
Allianz Partners offers travel insurance through most major U.S. airlines, leading travel agents, online travel agencies, hotel companies, cruise lines and directly to consumers. For more information on Allianz Partners and available travel policies, please visit the official website.