Allianz Partners UNITED STATES 16th Annual Holiday Confidence Index Confidence in 2024 vacations hits record high
RICHMOND, Virginia, July 29, 2024 /PRNewswire/ — 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 UNITED STATES16th annual Holiday Confidence Index*.
The latest survey by the travel insurance and assistance company revealed that 68% of Americans are confident about taking a vacation in 2024, marking the highest point since the research began in 2009.
Americans of all ages are confident about taking annual vacations
75% of Americans say it's important to take a vacation this year, bringing vacation deficit to a record low
Number of Americans traveling last year hits new record
When it comes to commitment to escape, young travelers aged 18 to 34 (71%) continue to express the greatest confidence in taking an annual vacation. Like Gen Z and Millennials, travelers aged 35 to 54 are more confident this year 70% (up two points from last year), while those aged 55 and over are now 65% confident (up six points from last year) that they will take a vacation in 2024.
As annual confidence hits record high, a growing proportion (73%) say they are in desperate need of vacation (up two points from last year). With the desire to travel on the rise, it's no surprise that half (47%) of Americans said they couldn't really afford to go on vacation this year, 49% have shared that they are likely to travel anyway, sparking a new travel trend that rationalizes their actions: the justified vacation or ““justi-vacations,” when someone takes a vacation but cannot afford the travel expenses.
Even though it may be a limited budget, 27% of Americans said they are investing more in luxury travel experiences this year, demonstrating a penchant for splurges like business-class tickets and high-end hotels.
In other early surveys, the percentage of Americans who think vacation is important but aren't sure they'll be able to take one this year has hit an all-time low. 15% Americans are experiencing a Holiday deficit reaches historically low level (down three points from the previous low in 2012). Determined to find ways to take vacations despite financial constraints, 73% Among those who said they desperately need a vacation, more than half plan to cut back on travel due to inflation (57%).
Looking at the last time Americans took a vacation, 63% took one last year (up one point from 2023), putting those hard-earned vacation days to good use. With travel leading the way, 22% Americans also reported taking a vacation in the past three months. Young travelers aged 18 to 34 make up a quarter (25%) of this group of early travelers, clinging to the throne. Not far behind, the 35-54 year olds (24%) and 55+ (18%) Age groups have also planned times for rest and relaxation away from home.
Of the 75% Americans who consider annual vacations important, which is also an important step in the survey, 27% have taken a vacation in the past three months, further highlighting Americans' attachment to vacations. In terms of the importance they place on annual vacations, 35-54 year-olds lead the way with 81%, followed by 18-34 year-olds (77%) and those in the 55 and over age group (69%).
“This year’s Vacation Confidence Index proves that Americans are indeed prioritizing their 2024 travel plans,” said Daniel DurazoDirector of External Communications at Allianz Partners UNITED STATES“Despite 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 travel insurance to your packing list. Whether it’s a flight delay or lost baggage, a travel insurance policy can reimburse you for covered losses associated with a covered trip delay or lost baggage that could otherwise ruin a valuable trip.”
Link to download the infographic: HERE
The holiday confidence index has been carried out every summer since 2009 by the national polling institute Ipsos Public Affairs on behalf of Allianz Partners. UNITED STATESA vacation is defined as a leisure trip of at least one week to a location 100 miles or more from home.
Allianz Partners offers travel insurance through most major U.S. airlines, major travel agencies, online travel agencies, hotel companies, cruise lines and directly to consumers. For more information about Allianz Partners and the travel insurance policies available, please visit http://www.allianztravelinsurance.com/.
*Methodology: These are the results of an Ipsos poll conducted on behalf of Allianz Partners. For this survey, a sample of 2,010 Americans aged 18 and over were interviewed. From April 15 to 22, 2024 via the Ipsos Online Omnibus survey. 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 they would have been if all U.S. adults had been surveyed. Quota sampling and weighting were used to balance demographics and ensure that the sample composition reflects 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 United StatesAllianz Partners UNITED STATES (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, endurance event registration protection and unique travel assistance services such as international medical assistance and concierge services. AGA Service Company operates as Allianz Global Assistance Insurance Agency in California (License No. 0B01400) and Massachusetts. Allianz Partners UNITED STATES is part of the Allianz Partners Group. Allianz Partners is a global leader in B2B2C insurance and assistance, offering comprehensive solutions covering international health and life, travel insurance, mobility and assistance. Listening to its customers, our innovative experts redefine insurance services by offering future-oriented, high-tech and high-quality products and solutions that go beyond traditional insurance. Present in more than 75 countries, our 19,400 employees speak 70 languages, handle more than 58 million claims each year and are motivated to do their utmost to offer peace of mind to our customers around the world.
For Allianz Partners UNITED STATES Products offered and sold in the United States: Terms and conditions and exclusions apply to all plans. Plans are available to U.S. residents only. Not all plans are available in all jurisdictions. Availability of coverage, including epidemic-related benefits and the covered reasons described herein, varies by product and state. Products may not include all benefits or covered reasons described herein. All benefits are subject to maximum liability limits, 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 available under your specific plan, carefully review your plan’s confirmation/declaration letter and certificate of insurance/policy. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, Illinois), rated “A” (Excellent) by AM Best Co., under BCS Form No. 52.201 Series or 52.401, or Jefferson Insurance Company (NY, Administrative Office: Richmond, Virginia), rated “A+” (superior) by AM Best Co., under Jefferson Form No. 101-C or 101-P, depending on the state of residence. A+ (superior) and A (excellent) are the 2nd and 3rd highest ratings, respectively, of AM Best’s 13 financial strength ratings. Unless otherwise noted, AGA Service Company d/b/a Allianz Global Assistance is the licensed producer and administrator of Allianz Travel branded travel protection plans in the United States and a subsidiary of Jefferson Insurance Company. Allianz Global Assistance is a brand of AGA Service Company or its subsidiaries. The insured will not receive any special benefits or advantages as a result of the affiliation between Allianz Global Assistance and Jefferson Insurance Company. The plans include insurance and assistance services. Non-insurance benefits/products are provided and administered by Allianz Global Assistance.
SOURCE Allianz Partners
