New data from Squaremouth.com reveals travelers are spending more on their trips this summer than ever before. The leading U.S. travel insurance marketplace reported that travelers are spending more than $9,300 on average on their trips this summer.
In analyzing destinations, expenses and demographics from thousands of travel insurance policies purchased for trips this summer, Squaremouth has revealed 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 percent higher than last year, and 26.7 percent 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.
Summer Travelers Are Heading Abroad
In 2023, 76.4 percent 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 percent 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:
More Boomers, Less Gen Z and Millennials
Data reveals a shift in traveler demographics this summer, led by the return of Baby Boomers.
Notable Stats:
- Baby Boomers account for 40 percent of all summer travelers this year, compared to 33 percent last summer and 29 percent in 2021.
- The percentage of Gen X, Gen Z, and Millennial travelers taking a summer trip has fallen for the second consecutive summer.
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