American families are spending an average of $1,894 on summer vacations this year, up $139 from last year, according to a study released today from Allianz Global Assistance.
Both an increase in vacation spending and the number of Americans ready to take a vacation this summer is leading to an $18 billion increase in vacation spend, resulting in a $100 billion milestone for vacation spend in the 2014.
Mirroring the data revealed in Skift’s report The Changing Business of Summer Travel, the fifth annual Allianz Travel Insurance Confidence Index surveyed 1,000 adults living in the U.S. and also found that Americans are more confident in their ability to take a vacation and feeling less vacation-deprived than in past years when economic uncertainty kept them at home.
Of Americans hitting the roads and skies this summer, travelers between 35 and 54 years old are likely to spend the most on their vacations due to family trips.
This age segment is expected to spend $2,359 per vacation while those older than 55 are expected to spend $1,733 and those younger than 34 are expected to spend $1,411.
The insurance company also claims that nearly 50 percent of Americans consider purchasing travel insurance for travel abroad. This is in part due to the recent onslaught of delays and cancellations caused by storms this winter.