RICHMOND, Va., June 24, 2019 /PRNewswire/ — Americans are planning to spend extra on their summer season holidays this yr than they have in at least a decade.
Allianz Global Assistance’s eleventh annual Vacation Confidence Index* estimates the full spend will cross the $one hundred billion mark for the 1/3 consecutive 12 months inside the index’s records, amounting to $100 and one,700,000,000.
Americans’ common predicted spend on vacations this summertime is $2,037, topping $2,000 for the primary time when you consider that 2010 whilst the survey commenced monitoring spending, and marking a 5.2% growth over a remaining year.
According to the fifth-annual Global Travel Forecast from the Global Business Travel Association and Carlson Family Foundation, travel charges are predicted to rise sharply in 2019 because of a developing international economy and rising oil expenses.
The survey reveals that 42 percent of Americans say they may be assured they may take a summer season excursion this 12 months. This confidence index nears its lowest point on account that 2013, whilst best 40 percentage had been assured they could take a summer holiday.
More than half of Americans who are not confident (52 percentage) in taking a holiday this summer mentioned financial motives, at the same time as any other 4 in 10 of these with low confidence (38 percent) are confined using time constraints, such as now not being capable of taking time off from paintings or now not looking to take a day off from work.
Allianz’s Vacation Confidence Index suggests that 49 percent of Americans say they usually take an annual summer holiday, a boom of 3 percent factors from 2018. In addition, Gen X’ers (ages 35-fifty four), excessive income earners ($100K+), and those who think a vacation is critical are more likely to take summertime vacation normally.
Interestingly, in 10 Americans (21 percentage) have taken a vacation inside the beyond three months, even as more than half of Americans (fifty-one percent) took their final holiday extra than 12 months in the past. In addition, Allianz analyzed tourists’ summer excursion spending conduct, revealing that Americans are forecasted to spend over 20 percentage (23.2 percentage) more than they did in 2010 when the average predicted spend was $1,653.
Summer vacation spending will hit report levels this 12 months, with Americans making plans to spend an average of greater than $2,000 on their trip, in step with our eleventh annual Vacation Confidence Index,” said Daniel Durazo, director of marketing and communications at Allianz Global Assistance USA.
This will bring overall spending to a document of $101 billion, a range of which reflects the continued value that Americans place on their summer trips. As the amount spent on holidays maintains to boom, it’s even more vital that consumers purchase travel insurance when they ebook their trip so that you can protect their travel investment and guard in opposition to luxurious scientific emergencies even as traveling.
The Vacation Confidence Index has been performed each summer season because of 2009 by way of countrywide polling company Ipsos Public Affairs on behalf of Allianz Global Assistance USA. A vacation is defined as a leisure ride of at least every week to a place this is a hundred miles or extra from domestic.
Allianz Global Assistance offers tour coverage** through the most important U.S. Airways, leading tour marketers, online tour corporations, other tour providers, and without delay to customers. For greater statistics on Allianz Global Assistance and the policies offered for tourists