Allianz Partners’ 14th Annual Vacation Confidence Index Reports
Six in Ten Plan to Take a Summer Vacation This Year Even as Inflation Rage
Richmond, Virginia, June 28, 2022 – Americans have enjoyed a lengthy love affair with travel, and this year, most aren’t letting anything interfere with their long-awaited getaway plans. Allianz Partners USA’s 14th Annual Vacation Confidence Index* indicates that vacation confidence remains at an all-time high, with 60% of Americans intending to book a summer trip in 2022.
“Our survey affirms that summer vacation is a quintessential part of the American lifestyle,” said Daniel Durazo, director of external communications at Allianz Partners USA. “Confidence remains high as travelers rediscover the value and joy of travel this summer, primed as the season of adventure to make sun-kissed memories that last.”
Historically, summer vacation confidence hovered around 43% during the previous decade (2010 – 2019) before falling to a record low of 26% during the COVID-19 pandemic (2020). In 2021, revenge travel plans fueled the dramatic spike to 60%, and continued pent-up desire and restored access to destinations have kept the measurement at that same level this year. The survey also revealed that 76% of the Americans who believe vacation is important typically travel during the summer.
In a separate survey** conducted by Allianz Partners, the travel and assistance company found that the perceived importance of a summer vacation differs widely by country of residence. Spain (89%), Italy (88%) and the United Kingdom (84%) lead the way for placing the greatest value on summer travel, and United States travelers rank fourth (83%).
Vacation confidence begins to wane with maturity and the added responsibilities associated with cultivating both careers and families. As a result, those expressing the highest levels of confidence in summer 2022 travel are younger. In the 18 – 34 age bracket, 69% report they plan to vacation, followed by 64% of those ages 35 – 54 and just half of Americans ages 55 or older.
Not surprisingly, income also plays a role in confidence with 73% of those earning $100K or more expected to enjoy a summer vacation this year, compared to 60% of Americans who earn between $50K and $100K, followed by just under half (45%) of those making less than $50K annually. The gender gap shifted only slightly in 2022 with 65% of men versus 56% of women who believe a summer vacation is do-able.
Key factors affecting 2022 travel plans
A host of factors continue to impact travel this year from inflation-fueled price hikes to possible lingering COVID concerns. Americans not planning a summer vacation have shifted their reasoning in 2022. The majority of them (57%) now cite not wanting to spend money as the primary rationale, jumping 19 points versus last year and likely influenced by recent inflationary pressures.
Among Americans who lack confidence in any summer travel plans, 68% indicated they have scaled back due to inflation. Among those scaling back but still traveling anyway, average spending dips to just $2,099 compared to $3,164 for those who are not adjusting due to inflation (33% less).
Avoiding taking time off from work (11%), personal obligations outside of work (7%) and the time and stress of vacation planning (10%) are among the other justifications offered by Americans not confident about traveling this year. Finally, “other” reasons (likely including COVID-19) contributing to lack of confidence in taking a vacation dropped 12 points from 2021 (32% versus 44%), at least partly crediting the impact of worldwide vaccinations and established preventive measures within the travel space. Older Americans are most-likely to select an “other” reason not to embark on a summer travel outing, which may point to concerns around more vulnerable health issues.
The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. A vacation is defined as leisure travel of at least a week to a destination at least 100 miles from home.
In March 2021, Allianz Partners announced enhancements*** to many of its travel insurance products in most states through an Epidemic Coverage Endorsement. Products that include this endorsement may provide coverage to customers who become ill with COVID-19 or a future epidemic, are individually ordered to quarantine, or are denied boarding due to a suspected illness. These products also may cover emergency medical care and transportation or provide reimbursement for change fees and loyalty points deposit fees if the customer becomes ill with an epidemic disease. Availability of the Epidemic Coverage Endorsement, and specific covered reasons under that endorsement, varies by product and by state. See your plan for details.
Allianz Partners offers travel insurance through most major U.S. airlines, leading travel agents, online travel agencies, hotel companies, cruise lines and directly to consumers. For more information on Allianz and available travel policies, please visit http://www.allianztravelinsurance.com/.
About Allianz Partners
In the United States, Allianz Partners USA (AGA Service Company) offers Allianz Travel-branded travel protection plans and serves millions of customers each year. In addition to travel protection, the company offers event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. AGA Service Company is doing business as Allianz Global Assistance Insurance Agency in California (License # 0B01400) and Massachusetts. Allianz Partners USA is part of the Allianz Partners group. Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, mobility and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech, high-touch products and solutions that go beyond traditional insurance. Present in over 75 countries, our 19,400 employees speak 70 languages, handle over 58 million cases each year, and are motivated to go the extra mile to offer peace of mind to our customers around the world.