Allianz Travel Insurance released its annual Vacation Confidence Index, with results showing the average American is at least somewhat confident they will take a vacation this summer. The survey also revealed the amount of money Americans will spend on their vacation, on average, increased slightly to $1,798, up roughly 11 percent from last year’s average. The total projected spend for Americans on summer vacations in 2016 is $89.9 billion.
The survey tracks Americans’ confidence they will be able to take a summer vacation and how much they plan to spend while traveling. While the proportion of Americans who remain confident they’ll take a vacation in 2016 remains steady, a rising proportion of Americans, 65 percent, say taking an annual vacation is important to them, which is up eight points since last year and rebounding to levels last recorded in 2010.
The Allianz Travel Insurance Vacation Confidence Index also found an increase in the Vacation Deficit, defined as the percentage of Americans who think a vacation is important but are not confident they’ll be able to take one. In 2016, 22 percent of Americans fall into this category, as compared to 19 percent in 2015. This is the first Vacation Deficit increase since it dropped five points between 2013 and 2015.
The Vacation Confidence Index has been conducted each summer since 2010 by Ipsos Public Affairs on behalf of Allianz. The survey defines a vacation as a leisure trip of at least a week more than 100 miles from home.
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