With Memorial Day this weekend and high schools and colleges graduating all over the United States, the summer travel season is upon us. Generali Global Assistance’s Travel Insurance division has just released the results of its annual summer travel survey, and the results are fascinating.
According to a Forbes report, the good news is that Americans are traveling again. The study found that after two slower years, some 68% of Americans plan to head out on a summer vacation, a significant increase from 61% in 2016. In fact, Americans tied with famously fun-loving Brazilians at 68% as most likely to travel, just ahead of the Chinese (67%) and Europeans (64%).
“Summer travel has rebounded nicely over the past two years as an improved labor market, wage growth, and tax cuts have all lead to increased consumer confidence,” says Chris Carnicelli, CEO, Generali Global Assistance “While budgets have remained relatively flat, these positive economic factors have led to an increase in consumers discretionary purchasing power, affording more Americans the ability to take summer vacations this year.”
The study also found that Millennials continue to change travel, particularly when it comes to lodging. While only 38% of the people surveyed said they would rent someone’s house or apartment, 59% of Millennials said they would. And while just 20% of those surveyed said they would rent a room in someone’s house, 37% of Millennials would.
This year, budgets for U.S travelers are $2,643, while average trip duration increased to 1 1/2 weeks. Nearly half (46%) of U.S. travelers will book their trip at least 4 months in advance, a big selling point for travel insurance companies like Generali.
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