Summer 2024 Travel Trends: Gen Z Spends, Europe Reigns

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Apr 25, 2024, 08:00 ET

ST. PETERSBURG, Fla., April 25, 2024 /PRNewswire/ -- Despite the rising cost of travel, travelers are sparing no expense on their summer getaways, according to Squaremouth.com, the nation's leading travel insurance marketplace.

Analyzing traveler spending data from thousands of travel insurance policies purchased for trips this summer, Squaremouth reveals the top summer travel spending trends of 2024 and which top locations are the most wallet-friendly.

Over 75% of Summer Travelers Are Heading Abroad

In 2024, 77% of travelers booking summer trips through Squaremouth are heading abroad. These destinations come with a high price tag, as international trips have an average trip cost of over $9,000, compared to just over $7,000 for domestic trips.

Top 10 International Summer Destinations for 2024

Destination	% of Travelers	Average Trip Cost
United Kingdom	6.38 %	$9,245
Italy	6.25 %	$9,830
Canada	5.17 %	$6,975
France	3.47 %	$9,468
Greece	2.81 %	$10,366
Germany	2.39 %	$8,171
Iceland	2.37 %	$9,427
Ireland	2.34 %	$8,116
Norway	2.33 %	$11,986
Spain	2.23 %	$8,501

Budget-Friendly Destinations for Summer 2024

With travel prices higher than ever, many travelers are searching for attractive destinations that don't break the bank. Consider these 5 popular budget-friendly international destinations with the lowest average trip costs in 2024.

Destination	Avg Trip Cost
Bermuda	$4,644
Mexico	$4,734
Puerto Rico	$4,941
Dominican Republic	$5,010
Philippines	$5,090

Gen Z Spending the Most on Travel

All generations are spending more on trips this summer, with trip costs rising an average of 36% compared to 2023.

Notable Stats:

Gen Z is spending an average of $11,766 on trips, surpassing all other generations for the first time in 4 years
While Millennials are spending the least on travel this year, their year-over-year spending has increased the most by almost 50%

Generation	2024 Average Trip Cost	2023	% Change YOY
Gen Z	$11,766	$8,451	+39.21 %
Gen X	$10,729	$7,876	+36.22 %
Boomers	$10,680	$7,811	+36.71 %
Silent	$10,582	$8,808	+20.14 %
Millennial	$9,670	$6,500	+48.76 %

Methodology: Squaremouth identified trends amongst travel insurance policy sales purchased with travel dates between 6/20/24 – 9/22/24.

Notes to editors

Available Topic Expert: Jenna Hummer is available for comment and interview. [email protected]

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