Allianz Partners recently released new data from its 15th-annual “Vacation Confidence Index,” and all signs point to summer travel — and travel spending — continuing its upward climb.
Of the more than 5,000 customers polled, 61% say they will take a summer trip at least one week in length and 100 miles away from home. That number is up 1% from 2022, and 19% from 2019. Additionally, summer travel spending is projected to hit $200 billion or more this year, a 10% increase from last year, and a 111% increase over 2019.
The Importance of the Annual Summer Vacation
Another telling set of numbers are those highlighting how customers value summer travel. Of this year’s survey respondents, 74% say they believe that a yearly summer trip is important – up a sizable 14 points since 2019.
This marks a clear paradigm shift, according to Daniel Durazo, director of external communications at Allianz. Consumers believe more and more in the benefits of travel, and that correlates with their increasing confidence about booking a summer trip. He also notes that 74% is the highest number ever collected in the survey's 15-year history.
The numbers by age bracket shed further light on traveler confidence, with the youngest demographic on top. Survey participants ages 18 to 34 are the most confident they’ll take a summer vacation, at 67%. Just slightly below that, 64% of respondents ages 35 to 54 are confident they’ll book a trip, while 53% of those ages 55 and up say the same.
Income Impacts Traveler Confidence
The data shows that income definitively impacts traveler confidence. Seventy-five percent of participants with an annual household income of more than $100,000 say they’re confident they’ll book a summer trip, compared to 59% of respondents earning $50,000 to $100,000 annually, and 48% of those earning less than $50,000.
Additional data from Allianz also digs into travel inspiration, with performances of all types driving summer bookings. Sixty percent of survey participants say they would attend a performance while on vacation, and 39% of those respondents point specifically to a theater show. Another 21% named a concert or music festival as a likely itinerary component.
Interest in travel insurance remains strong, too, with 78% of survey respondents reporting that they are likely to purchase trip protection for future travels.
