THREE-QUARTERS OF AMERICANS SAY TAKING A SUMMER VACATION IS IMPORTANT, CONFIDENCE LEVELS RIDE HIGH

Allianz Partners' 15^th Annual Vacation Confidence Index Reveals Three in Five Plan to Take One Despite Economic Challenges

RICHMOND, Va., June 21, 2023 /PRNewswire/ -- Americans are taking a no-holds-barred approach to summer vacations this year and prioritizing their PTO days. Allianz Partners USA's 15th Annual Vacation Confidence Index* reveals that consumer vacation confidence is continuing its three-year trend with 61% of Americans intending to book a summer trip of 100 or more miles away from home for at least a week (up one point from last year, 19 points since 2019). The survey also revealed three-quarters (74%) say that an annual summer vacation is important, up 14 points since 2019.

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"Since the pandemic, a paradigm shift has occurred in the American consumer's mindset around the importance of taking time off to recharge and the invaluable benefits a vacation offers," said Daniel Durazo, director of external communications at Allianz Partners USA. "This switch has propelled Americans' confidence in taking a vacation to its highest point in our 15-year survey and indicates a new standard commitment to travel."

While down two points from last year, Americans ages 18-34 are the most confident (67%) they will take a summer vacation, compared to 35-54 year olds (64%, no increase year over year) and 55+ (53%, up 3 points).

Men (65%) are more likely than women (57%) to express confidence in a summer getaway. Income plays a factor as well – 75% of Americans whose household earns more than $100,000 a year are confident they will take a summer vacation, compared to 59% who earn $50,000-$100,000 and 48% of those who earn less than $50,000.

Financial considerations were also most frequently cited among those not taking a summer vacation – tracking the same from last year, 57% of respondents said they "did not want to spend the money," a sentiment that the 35-54 year-old demographic echoed more emphatically (67%) than their younger (18-34, 54%) or older (55+, 51%) counterparts.

One in eight (13%) found "taking time off from work" to be a barrier to taking a summer vacation, up two points from last year, and interestingly fewer people found that "planning a vacation is stressful or time consuming." Down three points from 2022, 7% of respondents cited stressful planning or time constraints for their lack of confidence, the dip perhaps fueled by the easing of travel restrictions and entry requirements, an increase in travel planner resources to help streamline the process, or the blurring of lines between business and leisure travel.

The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. A vacation is defined as leisure travel of at least a week to a destination at least 100 miles 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 and available travel policies, please visit http://www.allianztravelinsurance.com.

*Methodology: These are the findings of an Ipsos poll conducted on behalf of Allianz. For this survey, a sample of 2,010 Americans aged 18+ was interviewed from May 2 to 4, 2023 via the Ipsos Online Omnibus. The precision of Ipsos online polls is measured using a credibility interval. In this case, the results are accurate to within +/- 2.5 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. Credibility intervals are wider among subsets of the population.

About Allianz Partners
In the United States, Allianz Partners USA (AGA Service Company) offers Allianz Travel-branded travel protection plans and serves millions of customers each year. In addition to travel protection, the company offers event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. AGA Service Company is doing business as Allianz Global Assistance Insurance Agency in California (License # 0B01400) and Massachusetts. Allianz Partners USA is part of the Allianz Partners group. Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, mobility and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech, high-touch products and solutions that go beyond traditional insurance. Present in over 75 countries, our 19,400 employees speak 70 languages, handle over 58 million cases each year, and are motivated to go the extra mile to offer peace of mind to our customers around the world. 

For Allianz Partners USA products offered and sold in the U.S.: Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. Availability of coverage, including the epidemic-related benefits and covered reasons described here, varies by product and by state. Products may not include all benefits or covered reasons described here. All benefits are subject to maximum limits of liability, which may in some cases be subject to sublimits and daily maximums. Benefits and limits vary by plan. For a complete description of the coverage and benefit limits offered under your specific 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. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best's 13 Financial Strength Ratings. Except as otherwise specified, AGA Service Company d/b/a Allianz Global Assistance is the licensed producer and administrator of Allianz Travel-branded travel protection plans in the U.S. and an affiliate of Jefferson Insurance Company. Allianz Global Assistance is a mark of AGA Service Company or its affiliates. The insured shall not receive any special benefit or advantage due to the affiliation between Allianz Global Assistance and Jefferson Insurance Company. Plans include insurance and assistance services. Noninsurance benefits/products are provided and serviced by Allianz Global Assistance.

SOURCE Allianz Partners