New survey results indicate that travelers are currently spending more on their trips than ever before, and expect their spending to increase even further next year.
A recent survey from Squaremouth, the nation's leading travel insurance marketplace, polled more than 4,000 customers regarding their travel spending habits.
The results showed that nearly 90% of travelers are spending more than they normally do on travel.
The Cost of Travel Continues to Trend Upwards
2023 is set to have the highest average trip cost ever among Squaremouth users.
Notable Stats:
- The average trip cost is up 20% from last year
- 88% of Squaremouth customers reported that their travel spending increased or stayed the same from 2022 to 2023
Running Three-Year Trip Cost Average:
*Table includes only travelers who insured their trip costs
Travelers Already Spending Big on 2024 Trips
82% of survey respondents are anticipating that their travel spending will either increase or stay the same next year. Given that 2023 has been an expensive year for travelers, 2024 will likely break new spending records within the travel industry.
Ahead of a potentially costly year for travelers, Squaremouth customers attribute the expected increase in spending to the following factors:
- 35% of travelers who anticipate spending more say it's because they are planning a bucket-list trip
- 31% attribute the increase to inflation and the rising cost of travel
- 19% of travelers are expecting to travel to expensive destinations in 2024
- 15% of travelers are planning to take longer trips in the new year
