According to its tenth annual Vacation Confidence Index, Allianz Global Assistance finds 10 percent of Americans admit to going overboard on their budget while on vacation. Last year, those who did overspent by some 27 percent ($534) on average.
Breaking down by age Generation X turned out to be the biggest offenders and overspent by 32 percent over their set budget — $836 based on their anticipated spend, while Millennials overspent by 26 percent ($362) and Baby Boomers overspent by 20 percent ($369).
The 2018 survey reveals that the average anticipated spend on vacations this summer, $1,936, has decreased slightly from last year, when it was $1,978. Still, the projected total spend will crack the $100 billion mark for the second time in the survey’s history, amounting to $100,400,000,000.
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Americans are forecasted to spend over 20 percent (23.5 percent) more than they did in 2010, when the average anticipated spend was $1,653.
The survey also shows that 46 percent of Americans typically take an annual summer vacation, a three percent decrease from 2017, while 53 percent do not. However, 18 percent of Americans have taken a vacation in the past three months, up four percent in 2017, which may explain both the decrease in those taking a summer vacation and the decrease in spend.
Despite a slight decrease in spend in 2018, Americans are still projected to spend significantly more on summer vacation than 2016, when the total spend was $89,900,000,000.
….So where are people going and what are they spending on? Experiential travel says Tzell Travel.
Experiential travel is hot and it’s not just for grownups. Travel Leaders Group’s recent Travel Trends survey revealed that luxury travelers are most interested in experiential travel and that’s no different for families, according to Tzell Travel Group Co-President Cindy Schlansky.
Families make up the largest segment of the Millennial generation, and millennial families intend to spend 15 percent more on vacations this year ($4,577 household average) than last year ($4,099household average), according to MMGY Global’s recent survey, Portrait of American Travelers 2018-2019.
Tzell agents offered the following suggestions of unexpected educational vacations for families to take that go beyond the predictable beach destination:
- “Bali offers ancient temples, royal palaces, art galleries, incredible topography and spectacular beaches. May to July is the best time to be there. The island’s West Coast is still considered ‘off the beaten path’ and perfect for families looking for more of a cultural emersion.” – Leslie Tillem of Tzell Travel
- “People think Ibiza is just a party island, but that’s far from the truth. It’s an incredible spot for family vacations. There are gorgeous, tiny secluded beaches and the water is incredibly clear and calm. There are endless coves to explore and Spain is generally family friendly, so children are welcome and included everywhere you go.” – Henley Vazquez of Passported, a Tzell Travel affiliate.
- “Singapore is very family-friendly with attractions for both kids and adults. I planned a multi-generational family trip to Singapore for five days then a ferry ride to the nearby Indonesian island of Bintan to stay in the fabulous child-friendly property, which was a nice pairing of city and beach that kept the whole family engaged.” – Grace Giso of Tzell Travel New England
- “For families with teens looking to contextualize current events, I’ve arranged meetings with a decorated war veteran and Colonel & Tank Battalion Commander in the IDF Armored Corps or a drive to one of the highest mountains on the Golan Heights to have a talk with a high-ranking intelligence officer and scholar of Middle Eastern studies for an in-depth explanation and insight into the complex situation in Syria.” – Jody Bear of Bear & Bear, a Tzell Travel affiliate
- “The volcanic islands west of the Portuguese mainland are little-known and offer a variety of activities perfect for adventurous families. Families with older kids can take a short boat ride from Vila Franca do Campo to swim in a volcanic crater in the ocean or hike into Algar do Carvão, one of only three dormant volcanoes in the world accessible to hikers. One of the most memorable experiences I found while visiting with my son was a visit to hot geothermal springs called Furnas then eating the food that local chefs cook with a special technique in those springs. We also visited the UNESCO World Heritage town of Angra do Heroismo and ate amazing Portuguese food.” – Christy Danforth of The Artful Traveler, a Tzell Travel affiliate