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Wednesday, 10 July 2013 09:00

Fewer Americans are Confident They’ll Take a Vacation

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A majority of Americans say that an annual vacation is important to them. Fewer are confident they’ll be able to take one this year, leading to an increase in the country’s “Vacation Deficit,” according to the fourth annual Allianz Travel Insurance Vacation Confidence Index released today by Allianz Global Assistance USA.

 The Vacation Deficit is the percentage of Americans who think that a vacation is important, but are not confident they’ll be able to take one. The survey found that twenty-four percent of Americans are facing a Vacation Deficit. Overall, fewer than half (fourty-eight percent) of Americans say they’re confident they’ll take a vacation in 2013.  A vacation is defined as a trip of at least a week to a spot that is more than one hundred miles from home. Just eight percent of respondents reported they have already taken a vacation this year.  

Perhaps most surprising, the survey, which polls one thousand adults, found that fewer Americans overall are saying that they typically take an annual summer vacation, an apparent trend in post-recession America. Just forty-five percent say they typically take an annual summer vacation. A startling forty-four percent of Americans say they haven’t taken a vacation in more than two years, up significantly from thirty-five percent last year.

Amid the bad news, there was a silver lining for the travel industry. While fewer Americans intend on vacationing this summer, those who do plan to travel intend to spend significantly more than last year. The average summer vacationer intends to spend $1,755 on their family’s trip, up from the $1,565 they intended to spend last year. That twelve percent bump in spending will lead to an increase of $1.5 billion in travel and tourism spending in 2013.

“While Americans clearly feel that a vacation is important, their confidence in taking one is waning in the face of an uncertain economy,” said Alan Josephs, chief marketing officer at Allianz Global Assistance USA. “With their continued focus on financial matters, travelers are making the case for the importance of travel insurance, which protects a consumer’s travel investment when they have to cancel a trip due to certain unexpected circumstances such as covered illness or injury and provides reimbursements for things like medical emergencies, delayed travel, and lost or delayed baggage.”

For the travel industry, demographic trends found in the survey point to the continued importance of serving older, higher-income travelers. Those age fifty-five and over will spend the most on summer travel ($2,471 on average), followed by those aged thirty-five to fifty-four ($1,940) and those eighteen to thirty-four ($969). Families that earn more than $75,000 per year will will spend more than twice as much ($2,531), as those who make between $25,000 and $75,000 ($1,244). 

For more information about Allianz Global Assistance USA, please visit allianzassistance.com. To learn more about Allianz Travel Insurance plans, please visit allianztravelinsurance.com or Like us on Facebook at Facebook.com/AllianzTravelInsuranceUS.

Source: Allianz Travel Photo: stock.xchng

Read 1105 times Last modified on Wednesday, 10 July 2013 09:00
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