Summer vacation spending in 2021 will be record-breaking, according to Allianz Partners USA's 13th annual Vacation Confidence Index.
The index predicts Americans' total summer vacation spend this year will exceed the $150 billion mark for the first time, totaling $153.7 billion -- a 160% increase over 2020, when many were in lockdown, and a 50% increase over 2019's summer vacation spend.
Allianz based its findings on an Ipsos poll of 2,009 Americans interviewed from May 24 to 28.
Each household is anticipated to spend an average of $2,122 on vacation this summer, according to Allianz, up from $1,888 in 2020 and $2,037 in 2019. Since Allianz has been compiling its index, household spend has only exceeded $2,000 twice, in 2019 and 2021.
In total, 60% of poll respondents said they were confident they would take a summer vacation -- defined as a leisure trip of at least one week and 100 miles or more away from home -- this year, up from 42% in 2019 and 26% in 2020.
Younger Americans tend to be more confident than older Americans in taking a vacation, Allianz found, as are higher earners and men.
Of all those polled, 29% said they were not confident that they would take a vacation. Of those, 38% said they didn't want to spend money, and 44% attributed their decision to another reason (Allianz said it was likely health and safety related).
"Our annual Vacation Confidence Index shows that the concept of pent-up demand is real and will likely translate to $150 billion in vacation spending, which will shatter all previous records," Daniel Durazo, director of marketing and communications at Allianz Partners USA, said in a statement.
Durazo also said interest in travel insurance "has never been higher."