Americans are spending more on summer vacations this year, topping $100 billion for the first time, according to the eighth annual Allianz Travel Insurance Vacation Confidence Index released by Allianz Global Assistance. This is the first time in the survey’s eight year history that vacation spending has surpassed the $100 billion mark and represents a 12.5 percent increase over last year.
Americans’ spending habits have risen for the second consecutive year – the total projected spend on summer vacations, among those confident they’ll take one, is $101.1 billion, up from $89.9 billion in 2016. On average, Americans will spend $1978 on summer vacations, a 10 percent increase from 2016 ($1798), which was an 11 percent rise from 2015 ($1621). Vacationing Millennials (ages 18-34) will spend the least ($1373) this summer, followed by Baby Boomers (ages 55+) ($1865), and Generation Xers (ages 35-54) will spend the most ($2628), on average.
“Americans are feeling better about the economy and have loosened their purse strings for summer 2017,” said Daniel Durazo, director of communications at Allianz Global Assistance USA. “We’re happy to see that for first time in the eight year history of the Vacation Confidence Index, vacation spending will hit an impressive $100 billion. This new milestone is great news for the travel industry.”
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This daily tip is sponsored by Allianz Global Assistance USA