ST. PETERSBURG, Fla., May 1, 2023 /PRNewswire/ — New data reveals travelers are spending more on their trips this summer than ever before.
Squaremouth.com, the leading US travel insurance marketplace, reports that travelers are spending more than $9,300 on average on their trips this summer.
Analyzing destinations, expenses and demographics from thousands of travel insurance policies purchased for trips this summer, Squaremouth reveals the three most notable summer travel trends of 2023.
Summer Travelers See Higher Trips Costs in 2023
The cost of summer travel has increased for a third consecutive year, resulting in the most expensive summer trips to date.
Notable Stats:
- Average trip costs for policies purchased on Squaremouth have surpassed $9,000 for the first summer on record
- The average summer trip cost in 2023 is 6.8% higher than last year, and 26.7% higher than 2021
- Inflation and the overall rising cost of travel are the key drivers of higher trip costs, leading to travel insurance premiums increasing respectively
Average Summer Trip Cost & Travel Insurance Premiums by Year
|
Year |
Average Trip Cost* |
YOY Change |
Average Premium |
YOY Change |
|
2023 |
$9,333 |
+6.8 % |
$564 |
+6.8 % |
|
2022 |
$8,742 |
+18.7 % |
$528 |
+17.1 % |
|
2021 |
$7,366 |
-10.6 % |
$451 |
-8.5 % |
|
2020 |
$8,242 |
-2.6 % |
$493 |
+2.9 % |
|
2019 |
$8,459 |
– |
$479 |
– |
*Average trip cost data only reflects policies sold with an insured trip cost
Over 75% of Summer Travelers Are Heading Abroad
In 2023, 76.4% of trips planned by Squaremouth customers this summer are heading abroad.
Notable Stats:
- 8 of the 10 most popular international destinations this summer are European countries, accounting for 42% of all summer travel insurance sales
- Italy is the most popular international summer destination for the second summer in a row
Top 10 International Summer Destinations for 2023
|
Destination |
% Of Sales |
|
Italy |
6.75 % |
|
Canada |
5.90 % |
|
United Kingdom |
5.42 % |
|
France |
4.06 % |
|
Greece |
2.96 % |
|
Mexico |
2.96 % |
|
Iceland |
2.89 % |
|
Germany |
2.81 % |
|
Ireland |
2.48 % |
|
Norway |
2.23 % |
More Boomers, Less Gen Z & Millennials Traveling This Summer
Data reveals a shift in traveler demographics this summer, led by the return of Baby Boomers.
Notable Stats:
- Baby Boomers account for 40% of all summer travelers this year, compared to 33% last summer and 29% in 2021
- The percentage of Gen X, Gen Z, and Millennial travelers taking a summer trip has fallen for the second consecutive summer
|
Percent of All Travelers |
|||
|
Generation |
2023 |
2022 |
2021 |
|
Baby Boomers |
39.70 % |
33.31 % |
29.41 % |
|
Gen X |
22.27 % |
24.01 % |
24.59 % |
|
Gen Z |
15.17 % |
18.03 % |
19.26 % |
|
Millennial |
12.20 % |
15.09 % |
15.93 % |
|
Silent |
5.52 % |
4.42 % |
4.96 % |
|
Gen Alpha |
5.14 % |
5.13 % |
5.84 % |
Methodology: Squaremouth Analytics compared travel insurance sales data of thousands of policies purchased on squaremouth.com each year before April 19, with travel dates between June 23rd and September 21st.
Notes to editors
Available Topic Expert: Megan Moncrief, President, is available for comment and interview. [email protected] (727) 378-0938
About Squaremouth: Squaremouth.com has insured over 3 million travelers. Using Squaremouth’s intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.
SOURCE Squaremouth
