Americans of all ages show confidence in taking an annual vacation
Allianz Partners USA’s 16th Annual Vacation Confidence Index Reveals Confidence in Taking a Vacation in 2024 Reaches All Time High
RICHMOND, Va., July 30, 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.”
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.
