Summer season trip spending in 2021 might be record-breaking, in line with Allianz Companions USA’s thirteenth annual Trip Confidence Index.
The index predicts Individuals’ whole summer season trip spend this 12 months will exceed the $150 billion mark for the primary time, totaling $153.7 billion — a 160% improve over 2020, when many have been in lockdown, and a 50% improve over 2019’s summer season trip spend.
Allianz based mostly its findings on an Ipsos ballot of two,009 Individuals interviewed from Might 24 to twenty-eight.
Every family is anticipated to spend a median of $2,122 on trip this summer season, in line with Allianz, up from $1,888 in 2020 and $2,037 in 2019. Since Allianz has been compiling its index, family spend has solely exceeded $2,000 twice, in 2019 and 2021.
In whole, 60% of ballot respondents mentioned they have been assured they might take a summer season trip — outlined as a leisure journey of at the least one week and 100 miles or extra away from house — this 12 months, up from 42% in 2019 and 26% in 2020.
Youthful Individuals are typically extra assured than older Individuals in taking a trip, Allianz discovered, as are greater earners and males.
Of all these polled, 29% mentioned they weren’t assured that they might take a trip. Of these, 38% mentioned they did not need to spend cash, and 44% attributed their choice to a different motive (Allianz mentioned it was seemingly well being and security associated).
“Our annual Trip Confidence Index reveals that the idea of pent-up demand is actual and can seemingly translate to $150 billion in trip spending, which is able to shatter all earlier information,” Daniel Durazo, director of selling and communications at Allianz Companions USA, mentioned in a press release.
Durazo additionally mentioned curiosity in journey insurance coverage “has by no means been greater.”