According to Allianz Partners USA’s 16th Annual Vacation Confidence Index, confidence in taking an annual vacation has never been higher, as new consumer data shows Americans’ desperation for ways to travel.
The insurance and travel assistance company’s latest survey found that 68% of Americans are confident of taking a vacation sometime in 2024, marking the highest point since the survey began in 2009.
When it comes to commitment to taking a getaway, younger travelers ages 18-34 (71%) continue to express the most confidence in taking an annual vacation. Keeping pace with Gen Z and millennials, travelers ages 35-54 are most confident this year at 70% (up two points from last year), while those 55+ are now 65% confident (up six points from last year) that they will take a vacation sometime in 2024.
With annual confidence at a record high, a growing share (73%) say they are in desperate need of a vacation (up 2 points from last year). With travel passion on the rise, it’s no surprise that while half (47%) of Americans said they can’t really afford a vacation this year, 49% shared that they are likely to travel anyway, sparking a new travel trend that rationalizes their actions: “justi-vacation,” when someone takes a vacation despite not being able to afford the travel expenses.
While it may be a budget increase, 27% of Americans said they are spending more on luxury travel experiences this year, demonstrating a penchant for splurges like business-class tickets and high-end hotels.
In another early survey, the percentage of Americans who said they think taking a vacation is important but aren’t sure they will take one this year fell to an all-time low. Only 15% of Americans are experiencing a vacation deficit, down 3 points from the previous low in 2012.
Committed to finding ways to take a vacation despite financial constraints, of the 73% who said they are desperate to take a vacation, more than half plan to cut back on their travel due to inflation (57%).
“This year’s Vacation Confidence Index demonstrates that Americans are prioritizing their travel plans in 2024,” said Daniel Durazo, director of external communications for Allianz Partners USA.
“Despite citing financial constraints and other external factors, Americans are still more determined to travel to their destination of choice. If you are planning a getaway this year, we recommend adding a travel insurance plan to your packing list. Whether it is a flight delay or lost luggage, a travel insurance policy can reimburse you for covered losses associated with a covered trip delay or lost luggage that could otherwise ruin a cherished trip,” Durazo added.
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