RICHMOND, Va.—Americans are planning to spend more on their summer vacations this year than they have in at least a decade. Allianz Global Assistance’s 11th annual Vacation Confidence Index estimates the total spend will cross the $100 billion mark for the third consecutive year in the index’s history, amounting to $101.7 billion. Spending topped $100 billion for the first time in 2017.
Americans’ average anticipated spend on vacations this summer is $2,037, topping $2,000 for the first time since 2010 when the survey started tracking spending, and marking a 5.2 percent increase over last year. According to the fifth-annual Global Travel Forecast from the Global Business Travel Association and Carlson Family Foundation, travel prices are expected to rise sharply in 2019 due to a growing global economy and rising oil prices.
The survey finds that 42 percent of Americans say they are confident they will take a summer vacation this year. This confidence index nears its lowest point since 2013, when only 40 percent were confident they would take a summer vacation. More than half of Americans who are not confident (52 percent) in taking a vacation this summer cited financial reasons, while another four in 10 of those with low confidence (38 percent) are restricted by time constraints, such as not being able to take time off from work or not wanting to take time off from work.
Allianz’s Vacation Confidence Index indicates that 49 percent of Americans say they typically take an annual summer vacation, an increase of three percentage points from 2018. Gen X’ers (ages 35-54), high-income earners (with incomes of more than $100,000), and those who think a vacation is important are more likely to typically take a summer trip. Two in 10 Americans have taken a vacation in the past three months, while more than half took their last vacation more than a year ago.
Allianz analyzed travelers’ summer vacation spending habits, revealing that Americans are forecasted to spend 23.2 percent more than they did in 2010, when the average anticipated spend was $1,653.
“Summer vacation spending will hit record levels this year, with Americans planning to spend an average of more than $2,000 on their trip, according to our 11th annual Vacation Confidence Index,” said Daniel Durazo, director of marketing and communications at Allianz Global Assistance USA. “This will bring total spending to a record $101 billion, a number which reflects the continued value that Americans place on their summer trips.”
The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance USA. A vacation is defined as a leisure trip of at least a week to a place that is 100 miles or more from home.