Record Travel Costs Increase Popularity of Budget-Friendly Destinations

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Aug 02, 2023, 13:00 ET

ST. PETERSBURG, Fla., Aug. 2, 2023 /PRNewswire/ -- With summer well underway, travelers are experiencing what could be the most expensive summer travel season.

Inflation Leads to Record Traveler Spending

In a recent survey of over 4,000 travel insurance customers, 73% of respondents said that they were more concerned or equally concerned about protecting their trip costs this summer compared to previous years.

With more than half of surveyed travelers stating they're having to spend more on travel, Squaremouth reports the highest average trip cost in company history. So far this summer, travelers are spending more than $7,800 on average per trip.

The cost of international travel, specifically, is up 25% from last year, leading many travelers to seek out destinations that are more affordable.

Most Affordable Summer Destinations in 2023

As the cost of travel continues to rise, Squaremouth's data reveals that travelers are actively seeking out more affordable destinations this summer. This year, 7 out of the top 10 most popular destinations have trip costs below the overall season average.

Below are the most affordable destinations based on insured trip costs:

Destination	Average Trip Cost
Colombia	$3,344
Mexico	$3,878
Puerto Rico	$3,907
Bermuda	$4,479
Dominican Republic	$4,497
Bahamas	$4,658
Jamaica	$4,698
Aruba	$4,917
Vietnam	$5,181
Philippines	$5,330

Not all destinations are budget friendly. In December, Squaremouth revealed the most expensive destinations of 2022, which featured destinations that cost travelers up to $32,000 on average.

Methodology: Squaremouth analytics compared travel insurance policy sales for trips purchased prior to July 10 with travel dates between June 21 and September 23 of 2022 and 2023.

Notes to editors

Available Topic Expert: Steven Benna, Marketing Manager, is available for comment and interview. [email protected] (727) 619-7262

About Squaremouth: Squaremouth.com has insured over 3 million travelers. Using Squaremouth's intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.

SOURCE Squaremouth