Americans Expect to Spend a Record-Breaking $221 Billion on Summer Vacations This Year

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May 20, 2024, 09:45 ET

Allianz Partners USA's 16^th Annual Vacation Confidence Index Projects Americans' Travel Spend to Reach All-Time High This Summer

RICHMOND, Va., May 20, 2024 /PRNewswire/ -- Americans continue to signal that travel is splurge-worthy and are again setting new records for vacation spending in 2024. For a second consecutive year, Allianz Partners USA's annual Vacation Confidence Index* found that Americans' total spend on summer vacations is expected to remain north of the $200 billion mark, this year exceeding $221.6 billion. According to the travel insurance and assistance provider, Americans have more than doubled their projected summer vacation spending since the inception of the pandemic. The 2024 figure represents an approximately 3.5% increase over last year, but a whopping 118% jump compared to 2019.

Allianz Partners 16th Annual Vacation Confidence Index: Spend

In 2024, the average American household is anticipated to spend $2,843 on their summer vacation, topping $2,000 for the fifth time since Allianz Partners began tracking vacation habits in 2009. Creeping up slightly over last year, the figure continues its steady climb from 2020's pandemic-related dip and shows a healthy 40% increase over 2019, which is fueled by more Americans planning to travel in 2024 (61%) versus 2019 (42%).

"This summer, we expect to again see a record-breaking number of Americans traveling for their summer vacations. Whether trips are planned for a neighboring state or an international bucket-list destination, an increase in traveler numbers can translate to an increase in unexpected and undesirable travel delays," said Daniel Durazo, director of external communications at Allianz Partners USA. "While travel costs remain inflated, our survey confirms Americans are not letting sticker shock hamper their vacation plans which makes investing in a travel insurance policy with travel delay coverage a smart move to protect their considerable trip investment."

Link to download infographic: HERE.

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 a leisure trip of at least one week to a place that is 100 miles or more 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 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 April 15 to 22, 2024 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