A NEW WAVE OF CONFIDENT TRAVELERS EMERGES POST-PANDEMIC, WITH YOUNGER AMERICANS LEADING THE FIRST-TO-TRAVEL TREND

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Aug 02, 2023, 12:33 ET

A Quarter of Americans Will Take "Revenge Travel" Trips this Year

RICHMOND, Va., Aug. 2, 2023 /PRNewswire/ -- Americans are ready, willing and confident they will travel this year. The 15^th annual Allianz Partners USA's Vacation Confidence Index* underscores the paradigm shift that started during the pandemic around the importance of taking an annual vacation, as Americans continue to prioritize leisure travel time and more have already taken a vacation this year than any other time during the survey's history.

Link to download infographic (Graphic 1): HERE.

Link to download infographic (Graphic 2): HERE.

Link to download infographic (Graphic 3): HERE.

According to the travel insurance and assistance's company's latest survey, almost two-thirds (62%) of Americans have taken a vacation in the last year, a five-point increase from last year and up from 48% in pre-pandemic 2019.

With Americans eager to flex their travel muscles, a quarter of respondents (25%) said they are revenge traveling and two in five (41%) of Americans cited excess savings earmarked for travel, a figure which rises to half (51%) for higher income households of $100,000 or more, noting that both overall figures represent statistical declines year over year.

Many Americans made good on making up for any lost travel time, as 23% noted they already took a vacation in the three months leading up to this year's survey, the second highest point since the survey started in 2009. With these first-to-travel indicators tracking slightly higher from last year, the 18-34 year-old demographic continues to take the lead position: 30% of this age set have already taken a vacation this year, versus 21% of 35-54 year-olds and 19% of 55 year-olds.

With a newfound importance placed on vacations since the pandemic, the Vacation Confidence Index reveals the stated importance (74%) of an annual vacation is higher and the confidence (66%) or positive intentions to vacation this year is higher and continuing to track well above what was observed prior to the pandemic, both record highs that signal the start of a new shift in attitudinal behavior towards vacation.

Who is feeling the most confident about vacationing? The under 55 cohort continues as more likely to express confidence with 72% of 18–34-year-olds and 68% of 35–54-year-olds compared to 59% of those 55+, and those who make upwards of $100,000 in household income (79%) versus $50,000-$100,000 (65%) and under $50,000 (52%) income households.

While Americans are emphatically citing the importance of annual vacations, two in five (19%) are not confident that they'll take one this year, a percentage Allianz Partners USA has defined as the "vacation deficit." This figure is on par with the past few years, with the exception of the height of the pandemic in 2020, when the vacation deficit rose to 44% of Americans who felt vacations were important, but were not confident they would take one. Given that more Americans are back to travelling since the pandemic and they're buoyed by strong vacation intentions, it's not surprising that the vacation deficit is within striking distance of the all-time low of 18% in 2012.

"Americans are ranking a vacation as a top priority in 2023, and we're seeing record-breaking sentiment around vacation importance and confidence in taking an annual vacation," said Daniel Durazo, director of external communications at Allianz Partners USA. "With an elevated number of travelers, the possibility of a travel delay looms, which some travelers have already experienced this year. "One way to successfully navigate that type of unexpected mishap is to invest in a travel insurance policy, which can really save the day by reimbursing costs for a covered delay."

The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA.

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 http://www.allianztravelinsurance.com/.

*Methodology: These are the findings of an Ipsos poll conducted on behalf of Allianz Partners. 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