Americans are planning to spend more on their summer vacations this year than they have in at least a decades, according to a press release. Allianz Global Assistance’s 11th annual Vacation Confidence Index estimates the total spend will cross the $100 billion mark for the third consecutive year in the index’s history, amounting to $101.7 billion.
Americans’ average anticipated spend on vacations this summer is $2,037, topping $2,000 for the first time since 2010 when the survey started tracking spending and marking a 5.2% increase over last year. According to the 5th Annual Global Travel Forecast from the Global Business Travel Association and Carlson Family Foundation, travel prices are expected to rise sharply in 2019 due to a growing global economy and rising oil prices.
The survey finds that 42% of Americans say they are confident they will take a summer vacation this year. This confidence index nears its lowest point since 2013, when only 40% were confident they would take a summer vacation. More than half of Americans who are not confident (52%) in taking a vacation this summer cited financial reasons, while another four in 10 of those with low confidence (38%) are restricted by time constraints, such as not being able to take time off from work or not wanting to take time off from work.
Allianz’s Vacation Confidence Index indicates that 49% of Americans say they typically take an annual summer vacation, an increase of three percentage points from 2018. Gen X’ers (ages 35-54), high income earners ($100K-plus) and those who think a vacation is important are more likely to typically take summer vacation. Interestingly, two in 10 Americans have taken a vacation in the past three months, while more than half of Americans (51%) took their last vacation more than a year ago.
Allianz analyzed travelers’ summer vacation spending habits, revealing that Americans are forecasted to spend over 20% more than they did in 2010, when the average anticipated spend was $1,653.