Americans are expected to spend a record-breaking amount of money on vacations this summer.
According to new data from Allianz Global Assistance, average spending on summer travel will surpass $2,000 for the first year on record.
The 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 $101,700,000,000.
The average anticipated spend on a summer vacation is $2,037, which exceeds the $2,000-mark for the first time since 2010 when survey tracking started. That number is 5.2 percent higher than last year.
Prices are also on the rise. According to the fifth-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.
Forty-two percent of Americans say they are confident they will take a summer vacation this year. That number nears the lowest point on the Vacation Confidence Index, which was 40 percent in 2013. However, the index also shows that 49 percent of Americans say they typically take an annual summer vacation, and Americans are forecasted to spend more than 20 percent (23.2 percent) more than they did in 2010 when the average anticipated spend was $1,653.
“Summer vacation spending will hit record levels this year, with Americans planning to spend an average of more than $2,000 on their trip, according to our 11th annual Vacation Confidence Index,” said Daniel Durazo, director of marketing and communications at Allianz Global Assistance USA.
“This will bring total spending to a record $101 billion, a number which reflects the continued value that Americans place on their summer trips,” added Durazo. “As the amount spent on vacations continues to increase, it’s even more important that consumers purchase travel insurance when they book their trip, in order to protect their travel investment and protect against costly medical emergencies while traveling.”
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