The Memorial Day holiday weekend kicks off the unofficial start of summer and for many folks, that means vacation time. Whether people are hitting the road for a family trip or taking a romantic getaway without the kids, research suggests we’re ready to splurge on our travel plans.
The 2024 Vacation Confidence Index from Allianz Partners USA has just come out, revealing that Americans are expected to spend over $221.6-billion on summer vacations this year.
- The travel insurance provider defines a vacation as a leisure trip of at least one week to a destination that’s at least 100 miles from home.
- They report that this year’s total is a 3.5% increase over 2023, but the amount has jumped 118% since 2019.
- According to Allianz, the average American household is projected to spend $2,843 on their summer getaway.
- This is the fifth time the figure tops $2-thousand since they started tracking vacation habits in 2009.
- The 2024 total is up slightly from last year, and up 40% since pre-pandemic levels in 2019.
“This summer, we expect to again see a record-breaking number of Americans traveling for their summer vacations,” says 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.”
Source: Insider Travel Report
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