As we get closer to Memorial Day, the unofficial start of summer, lots of people will be headed out on vacation, and a new survey suggests most people are ready to splurge on their getaways.
The 16th annual Vacation Confidence survey, conducted by Allianz Partners USA, finds that Americans are expected to spend more than $221.6 billion on vacations this summer, with vacations defined as a leisure trip lasting at least a week to somewhere at least 100 miles from home. This means Americans are dipping into their wallets more than last year, with spending up 3.5% from last summer and 118% from the prepandemic summer of 2019.
The insurance company’s survey finds that 61% of Americans are planning to travel this year, with the average household spending $2,843 on a summer vacation, the fifth time summer vacations have passed the $2,000 mark since the survey began in 2009.
This year’s household vacation spending is only slightly more than last year, up about $13, although it’s more than $800 over the summer of 2019.