Americans Will Spend $194 Billion on Summer Travel
Travel demand has been making a comeback this year, and a new research shows that Americans will actually spend a record-breaking sum on summer travel in 2022.
The information comes from the 14th edition of the Allianz Partners USA annual Vacation Confidence Index. It 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 as the world was opening up post-pandemic. 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. 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 not just due to more people traveling. It is also impacted by rising travel costs and U.S. inflation, which is approaching a 40-year high.
American families will also spend more than their counterparts in 10 other European countries surveyed. Americans’ planned summer vacation costs are 24% – 81% higher than Austria, Switzerland, the Netherlands, France, the United Kingdom, Germany, Italy and Spain.
Lower Spend - Chase Ink Business Preferred® 100K!
Chase Ink Business Preferred® is a powerful card that earns 3X Ultimate Rewards points in a broad range of business categories on the first $150K in spend per year. Right now earn 100K Chase Ultimate Rewards points after Learn more about this card and its features!
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
