The Vacation Deficit is the percentage of Americans who think that a vacation is important but are not confident they'll be able to take one. The survey found that 24% of Americans are facing a Vacation Deficit, up six points from last year's 18%. Overall, fewer than half (48%) of Americans say they're confident they'll take a vacation in 2013, which is down four points from last year. A vacation is defined as a trip of at least a week to a spot that is more than 100 miles from home. Just 8% of respondents reported they have already taken a vacation this year, which is down 3 points from last year.
Perhaps most surprising, the survey, which polls 1,000 adults, found that fewer Americans overall are saying that they typically take an annual summer vacation, which appears to be a trend in post-recession America. Just 45% say they typically take an annual summer vacation, down 5 points from last year and down 10 points from 2 years ago. A startling 44% of Americans say they haven't taken a vacation in more than two years, up significantly from 35% last year.
Among the bad news, there was a silver lining for the travel industry. While fewer Americans intend on vacationing this summer (40% compared to 44% last year), those who do plan to travel intend to spend significantly more than last year. The average summer vacationer intends to spend $1,755 on their family's trip, which is up from the $1,565 they intended to spend last year. That 12% bump in spending will lead to an increase of $1.5 billion in travel and tourism spending in 2013.
"While Americans clearly feel that a vacation is important, their confidence in taking one is waning in the face of an uncertain economy," said Alan Josephs, chief marketing officer at Allianz Global Assistance USA. "With their continued focus on financial matters, travelers are making the case for the importance of travel insurance, which protects a consumer's travel investment when they have to cancel a trip due to certain unexpected circumstances such as covered illness or injury and provides reimbursements for things like medical emergencies, delayed travel and lost or delayed baggage.*"
For the travel industry, demographic trends found in the survey point to the continued importance of serving older, higher-income travelers. Those aged 55+ will spend the most on summer travel ($2,471 on average), followed by those aged 35 to 54 ($1,940) and those 18 to 34 ($969). Families that earn more than $75,000 per year will will spend more than twice as much ($2,531), as those who make between $25K and $75K ($1,244).
Methodology: These are some of the findings of an Ipsos poll conducted June 6 to 10, 2013. For the survey, a nationally representative sample of 1,000 randomly-selected adults residing in the U.S. interviewed by telephone via Ipsos' U.S. Telephone Express omnibus. With a sample of this size, the results are considered accurate within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire population of adults in the U.S. been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample's regional and age/gender composition reflects that of the actual U.S. population according to data from the U.S. Census Bureau.
* - Conditions, limitations and exclusions apply. For a complete description of the coverage, carefully review the terms and conditions of the certificate of insurance. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, Ill), 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" (Excellent) by A.M. Best Co., under Jefferson Form No. 101-C series or 101-P series, depending on the insured's state. Allianz Global Assistance and Allianz Travel Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of this plan and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage because of the affiliation between AGA Service Company and Jefferson Insurance Company.
Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We insure 13 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for health insurers, property and casualty insurers, and credit card companies.
For more information about Allianz Global Assistance USA, please visitallianzassistance.com. To learn more about Allianz Travel Insurance plans, please visitallianztravelinsurance.com or Like us on Facebook atFacebook.com/AllianzTravelInsuranceUS.
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Allianz Global Assistance is an international leader in assistance, travel insurance and health, life & home care services, with operation centers in 34 countries. The company has more than 12,000 employees who speak 40 different languages and work throughout the world with a network of 400,000 service providers and 118 correspondents covering 150 countries.
Allianz is the 25th largest company in the world (Forbes Global 2012) and 62nd most valuable global brand (Interbrand, 2012). Allianz has 144,000 employees worldwide and 78 million customers in more than 70 countries. In 2012, Allianz had over 106.3 billion euros in revenue and over 1.4 billion euros under management. In addition to Allianz Global Assistance, Allianz brands in the US include:
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