Travel spending — and costs — are up for the summer, according to a new survey from SquareMouth. The travel insurance provider, after analyzing thousands of travel insurance policies purchased for summer 2023 travel, reported summer travel costs increased for the third consecutive year — making this year the most expensive summer travel season on the provider’s records.
So, how expensive are we talking? SquareMouth found the current average summer trip cost is about 7 percent higher than it was in 2022 and nearly 27 percent higher than it was in 2021. The average trip cost for 2023 is more than $9,000.
Travelers are using their hard-earned cash to take them out of the country, with more than 75 percent of those policies booked on SquareMouth applying to international vacations. The most popular destinations for 2023 summer travel, according to SquareMouth’s data, include Italy, Canada, the United Kingdom, France, Greece, Mexico, Iceland, Germany, Ireland and Norway.
Additionally, the data shows traveler demographics changed for this summer, with more Baby Boomers traveling as compared to other generations. Millennials will travel the least, accounting for only about 12 percent of all summer 2023 travel.
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