Confidence in taking an annual vacation has never been higher, as new consumer data reveals, illustrating Americans' desperation to find ways to travel, as revealed Allianz Partners USA16th 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.
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.
Although this may be a budget stretch, 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 it's important to take a vacation 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 3 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 travel plans in 2024,” said Daniel Durazo, director of external communications at Allianz Partners USA. “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.”
The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. 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 results from an Ipsos poll conducted on behalf of Allianz Partners. For this survey, a sample of 2,010 Americans ages 18 and older were surveyed from April 15-22, 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 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.
