RICHMOND, Va., June 24, 2019 /PRNewswire/ --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 $101,700,000,000.
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% 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 ($100K+) and those who think a vacation is important are more likely to typically take summer vacation. Interestingly, two in 10 Americans (21 percent) have taken a vacation in the past three months, while more than half of Americans (51 percent) took their last vacation more than a year ago.
Vacation Confidence Index 2019
Projected Total Spend
Allianz analyzed travelers' summer vacation spending habits, revealing that Americans are forecasted to spend over 20 percent (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. As the amount spent on vacations continues to increase, it's even more important that consumers purchase travel insurance when they book their trip, in order to protect their travel investment and protect against costly medical emergencies while traveling."
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.
Allianz Global Assistance offers travel insurance** through most major U.S. airlines, leading travel agents, online travel agencies, other travel suppliers and directly to consumers. For more information on Allianz Global Assistance and the policies offered for travelers, please visit: http://www.allianztravelinsurance.com.
*Methodology: These are findings of an Ipsos poll conducted on behalf of Allianz Global Assistance. For this survey, a sample of 1,005 Americans aged 18+ was interviewed by telephone from May 30 to June 2, 2019 via the Caravan Omnibus. The precision of random telephone polls is measured using a margin of error. In this case, the results are accurate to within +/- 3.1 percentage points, 19 times out of 20, of what the results would have been had all American adults been polled. Quota sampling and weighting were employed in order to balance demographics and ensure that the sample's composition reflects that of the actual U.S. population, according to data from the U.S. Census Bureau. Margins of error are wider among subsets of the population.
Allianz Global Assistance USA Allianz Global Assistance USA is a leading consumer specialty insurance and assistance company with operation centers in 35 countries. In the United States, Allianz Global Assistance USA (AGA Service Company) serves 40 million customers annually and is best known for its Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers tuition insurance, event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for property and casualty insurers and credit card companies.
**Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. For a complete description of the coverage and benefit limits offered under your plan, carefully review your plan's Letter of Confirmation/Declarations and Certificate of Insurance/Policy. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, IL), rated "A‐" (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: Richmond, VA), rated "A+" (Superior) by A.M. Best Co., under Jefferson Form No. 101‐C series or 101‐P series, depending on state of residence. Allianz Travel Insurance products are distributed by Allianz Global Assistance, a brand of AGA Service Company or its affiliates. AGA Service Company is the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Plans include insurance benefits and assistance services. Noninsurance benefits/products are provided and serviced by AGA Service Company.