Allianz Partners USA's 16th Annual Vacation Confidence
Index Reveals Confidence in Taking a Vacation in 2024
Reaches All Time High
RICHMOND, Va., July 29,
2024 /PRNewswire/ -- 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."
Link to download Infographic: HERE
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.
About Allianz Partners
In the United States, Allianz
Partners USA (AGA Service Company)
offers Allianz Travel-branded travel protection plans and serves
millions of customers each year. In addition to travel protection,
the company offers event ticket protection, registration protection
for endurance events and unique travel assistance services such as
international medical assistance and concierge services. AGA
Service Company is doing business as Allianz Global Assistance
Insurance Agency in California
(License # 0B01400) and Massachusetts. Allianz Partners USA is part of the Allianz Partners group.
Allianz Partners is a world leader in B2B2C insurance and
assistance, offering global solutions that span international
health and life, travel insurance, mobility and assistance.
Customer driven, our innovative experts are redefining insurance
services by delivering future-ready, high-tech, high-touch products
and solutions that go beyond traditional insurance. Present in over
75 countries, our 19,400 employees speak 70 languages, handle over
58 million cases each year, and are motivated to go the extra mile
to offer peace of mind to our customers around the world.
For Allianz Partners USA
products offered and sold in the U.S.: Terms, conditions, and
exclusions apply to all plans. Plans are available only to U.S.
residents. Not all plans are available in all jurisdictions.
Availability of coverage, including the epidemic-related benefits
and covered reasons described here, varies by product and by state.
Products may not include all benefits or covered reasons described
here. All benefits are subject to maximum limits of liability,
which may in some cases be subject to sublimits and daily maximums.
Benefits and limits vary by plan. For a complete description of the
coverage and benefit limits offered under your specific plan,
carefully review your plan's Letter of Confirmation/Declarations
and Certificate of Insurance/Policy. Insurance coverage is
underwritten by BCS Insurance Company (OH, Administrative Office:
Oakbrook Terrace, IL), 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+"
(Superior) by A.M. Best Co., under Jefferson Form No. 101‐C series
or 101‐P series, depending on state of residence. A+ (Superior) and
A (Excellent) are the 2nd and 3rd highest, respectively, of A.M.
Best's 13 Financial Strength Ratings. Except as otherwise
specified, AGA Service Company d/b/a Allianz Global Assistance is
the licensed producer and administrator of Allianz Travel-branded
travel protection plans in the U.S. and an affiliate of Jefferson
Insurance Company. Allianz Global Assistance is a mark of AGA
Service Company or its affiliates. The insured shall not
receive any special benefit or advantage due to the affiliation
between Allianz Global Assistance and Jefferson Insurance Company.
Plans include insurance and assistance services. Noninsurance
benefits/products are provided and serviced by Allianz Global
Assistance.
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SOURCE Allianz Partners