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Fewer Americans are confident they will take a vacation this summer, but the ones who are going will spend more, according to the Allianz Travel Insurance Vacation Confidence Index.
Allianz found that 43% were confident they would take a summer vacation this year, down from 46% in 2015.
The average household that is at least “somewhat confident” they will take a vacation this summer will spend an average of $1,798, an 11% increase over last year’s spending average of $1,621.
According to Allianz, Americans are projected to spend about $89.9 billion on summer vacations this year, an increase over $85.5 billion in 2015.
With regard to vacations in general, 50% of respondents — down from 51% last year — said they were at least somewhat confident they would take a vacation this year.
Allianz’s survey revealed that an increasing number of respondents — 65%, up 8 points from 2015 — said taking a vacation is important to them.
Each year, Ipsos Public Affairs surveys American consumers on behalf of Allianz. This year, the survey was conducted from June 2 to 5 and had a sample size of 1,007 adults.
Source: travelweekly.com