Allianz Partners’ Vacation Confidence Index reaches All-time Spending High of $194 Billion as Americans Double-down on Summer Travel this Year
Richmond, Virginia, May 24, 2022 – Americans are spending more on their beloved summer vacations than ever before. Allianz Partners USA’s 14th annual Vacation Confidence Index* estimates that this year’s summer vacation spending will near the $200 billion mark for the first time in the Index’s decade-plus-long history, amounting to $194 billion in 2022. The projection represents a 26% increase over last year when Americans slowly began making their return to travel. The figure also marks a staggering 229% increase above the unprecedented 2020 season and 91% increase compared to pre-pandemic spending in 2019.
Americans’ average anticipated spend on vacations this summer is $2,644 – the third time the figure has topped $2,000 since the travel insurance and assistance company began tracking vacation habits in 2010. Following an upward trend, the 2022 average vacation spend is a 25% increase over 2021, a 40% increase from 2020 and 30% increase from pre-pandemic 2019 levels. The increase in vacation spending is likely impacted by a combination of rising travel costs with U.S. inflation approaching a 40-year high, along with pent-up desire and an abundance of banked vacation days and healthy travel budgets to help travelers justify the elevated expense.
In a separate survey** conducted by Allianz Partners, the travel and assistance company found that United States travelers also lead in planned household travel spending over 10 other European countries surveyed. Americans’ planned summer vacation costs are 24% – 81% higher than those hailing from Austria, Switzerland, the Netherlands, France, the United Kingdom, Germany, Italy and Spain, respectively.
“Our survey shows that Americans will spend a record amount this year in order to enjoy the summer vacations they need and deserve,” said Daniel Durazo, director of external communications at Allianz Partners USA. “With travelers facing heightened costs this summer season, adding travel insurance to your vacation checklist can help put your mind at ease when it comes to protecting your investment from unexpected, covered cancellations, interruptions, delays or medical emergencies.”
The Vacation Confidence Index has been conducted each summer since 2010 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. A vacation is defined as a leisure trip of at least one week to a place that is 100 miles or more 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.
*** While the new Epidemic Coverage Endorsement adds certain covered reasons that apply to specific epidemic-related situations, products otherwise generally do not cover claims due to known, foreseeable, or expected events, epidemics, government prohibitions, warnings, or travel advisories, or fear of travel, and coverage can vary by state. Please see our Coverage Alert for information about other temporary accommodations that may be available. Benefits for quarantines only apply when an eligible traveler is specifically named and individually ordered to quarantine by order or official directive of a government, public regulatory authority, or the captain of a commercial vessel on which that eligible traveler is booked to travel during the covered trip, based on that eligible traveler’s exposure to COVID-19. The benefit does not cover travel restrictions (whether or not they are referred to as “quarantine”) that apply generally or broadly (a) to some segment or all of a population, geographical area, building, or vessel (including without limitation shelter-in-place, stay-at-home, safer-at-home, or other similar restriction), or (b) based on to, from, or through where the person is traveling. Coverage may not cover the full cost of your quarantine and is subject to applicable benefit limits. See your plan for details.
For Allianz Partners USA products offered and sold in the U.S.: Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. Availability of Epidemic Coverage Endorsement, including specific benefits and covered reasons described here, varies by product and by state. Products may not include all benefits or covered reasons described here. All benefits are subject to maximum limits of liability, which may in some cases be subject to sublimits and daily maximums. Benefits and limits vary by plan. For a complete description of the coverage and benefit limits offered under your specific plan, carefully review your plan’s Letter of Confirmation/Declarations and Certificate of Insurance/Policy. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, IL), rated “A” (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: Richmond, VA), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 101‐C series or 101‐P series, depending on state of residence. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best’s 13 Financial Strength Ratings. Except as otherwise specified, AGA Service Company d/b/a Allianz Global Assistance is the licensed producer and administrator of Allianz Travel-branded travel protection plans in the U.S. and an affiliate of Jefferson Insurance Company. Allianz Global Assistance, TravelSmart, and AgentSmart are marks of AGA Service Company or its affiliates. The insured shall not receive any special benefit or advantage due to the affiliation between Allianz Global Assistance and Jefferson Insurance Company. Plans include insurance and assistance services. Noninsurance benefits/products are provided and serviced by Allianz Global Assistance. SmartBenefits proactive payments and “no receipts” payments available only on certain plans. For plans that include proactive payments: when you opt in and provide flight information, Allianz Global Assistance will monitor flights and send flight status and benefit alerts, including alerts about flight delays that qualify for automated travel delay payments. Standard message/data rates apply to SMS alerts. Automated claims and payment system availability is not guaranteed and is subject to our sole discretion. All claims subject to policy terms, conditions, and exclusions.