The Allianz Travel Insurance Vacation Travel Index shows that Americans will spend a record $100 billion on summer vacations in 2014, up 20% from last year.
More than half of Americans, 52%, say they’re confident they’ll take a summer vacation this year, up 5 points from last year. And, they say they’ll spend more, with the average American vacationer planning on spending $1,894 on the family vacation, up 8% from last year.
Allianz calculates that this means the industry will see an $18 billion increase over last year’s spending.
Top spenders are travelers between the ages of 35 and 54, who spend the most, $2,359. Those who are 55 and older follow, with an average spend of $1,733.
The study also found that the “vacation deficit” has shrinking. This is the percentage of Americans who say a vacation is important but are not sure they’ll be able to take one.
Approximately one in five Americans (21%) is facing a vacation deficit, down 3 points from 24% last year.
Fewer Americans say that they are vacation deprived, with 39% saying they haven’t had a vacation for more than two years, down 2 points from 2013.