Allianz Global Assistance found 10 per cent of Americans admit to going over budget while on vacation last year, and those who did, on average, overspent by 27 per cent ($534).
Breaking down by age group, 92 per cent of Millennials (ages 18-34) and 91 per cent of Baby Boomers (ages 55+) did not overspend, while 87 per cent of Gen X’ers (ages 35-54) were able to stay within budget. Gen X’ers also tend to overspend more, averaging 32 per cent over budget, which amounts to $836 based on their anticipated spend, while Millennials overspent by 26 per cent ($362) and Baby Boomers overspent by 20 per cent ($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.
Allianz has analyzed American travellers’ summer vacation spending habits, revealing that Americans are forecasted to spend over 20 per cent (23.5 per cent) more than they did in 2010, when the average anticipated spend was $1,653.
The survey also shows that 46 per cent of Americans typically take an annual summer vacation, a three per cent decrease from 2017, while 53 per cent does not. However, 18 per cent of Americans has taken a vacation in the past three months, up four per cent in 2017, which may explain both the decrease in those taking a summer vacation and the decrease in spending.