Allianz Partners USA's 16th Annual Vacation Confidence Index Reveals Confidence in Taking a Vacation in 2024 Reaches All Time High
RICHMOND, Va., July 29, 2024 -- Confidence in taking an annual vacation has never been higher as new consumer data illustrates Americans' desperation to find ways to travel, as revealed by Allianz Partners USA's 16th Annual Vacation Confidence Index*.
The travel insurance and assistance company's latest survey found that 68% of Americans are confident in taking a vacation sometime in 2024, marking the highest point since research began in 2009.
When it comes to commitment to getting away, younger travelers ages 18-34 (71%) continue to express the highest confidence in taking an annual vacation. Keeping up with GenZ and Millennials, 35–54-year-old travelers show more confidence this year at 70% (up two points since last year), while 55+-year-olds are now 65% confident (up six points since last year) they will take a vacation sometime in 2024.
With annual confidence at a record high, a growing proportion (73%) say they are in desperate need of a vacation (up two points from last year). With wanderlust surging, it's no surprise that while half (47%) of Americans flagged that 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: the justified vacation or "justi-vacation," when someone takes a vacation despite not being able to afford the expenses that come with traveling.
While it may be a budget stretcher, 27% of Americans said they are investing more in luxury travel experiences this year, demonstrating a penchant for splurges like business class tickets and higher end hotels.
In other survey firsts, the percentage of Americans who said they think taking a vacation is important but are not confident they'll take one this year dipped to its lowest point. Just 15% of Americans are experiencing a vacation deficit, reaching an all-time low (down three points from the previous lowest point in 2012). Committed to finding ways to take a vacation despite the financial constraints, of the 73% who shared they are desperate for a vacation, more than half plan on scaling back their travels due to inflation (57%).
Looking at the last time Americans took a vacation, 63% have taken one in the last year (up one point from 2023), putting those hard-earned PTO days to use. With travel top of mind, 22% of Americans also noted that they took a vacation within the past three months. Younger travelers ages 18–34 comprise a quarter (25%) of this first-to-travel group, holding onto the throne. Not far behind, 35–54-year-olds (24%) and 55+ (18%) age groups also have planned some R&R away from home.
Of the 75% of Americans who consider an annual vacation important, also a survey milestone, 27% took a vacation within the past 3 months, further highlighting Americans' dedication to vacationing. In terms of the importance they place on taking an annual vacation, 35–54-year-olds lead the way at 81%, followed by 18-34-year-olds (77%) and those in the 55+ bracket (69%).
"This year's Vacation Confidence Index proves that Americans are in fact prioritizing their travel plans in 2024," said Daniel Durazo, director of external communications at Allianz Partners USA. "Despite citing financial constraints and other external factors, Americans are even more determined to travel to their destination of choice. If you're planning a getaway this year, we recommend adding a travel insurance plan to your packing list. Whether it's a flight delay or lost luggage, a travel insurance policy may reimburse you for covered losses associated with a covered travel delay or baggage loss that could otherwise spoil a cherished trip."
Link to download Infographic: HERE
The Vacation Confidence Index has been conducted each summer since 2009 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.
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 Partners and available travel policies, please visit http://www.allianztravelinsurance.com/.
*Methodology: These are the findings of an Ipsos poll conducted on behalf of Allianz Partners. For this survey, a sample of 2,010 Americans aged 18+ was interviewed from April 15 to 22, 2024 via the Ipsos Online Omnibus. The precision of Ipsos online polls is measured using a credibility interval. In this case, the results are accurate to within +/- 2.5 percentage points, 19 times out of 20, of what the results would have been had all American adults been polled. Quota sampling and weighting were employed in order to balance demographics and ensure that the sample's composition reflects that of the actual U.S. population, according to data from the U.S. Census Bureau. Credibility intervals are wider among subsets of the population.
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.
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 coverage, including the epidemic-related 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 is a mark 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.
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
