Americans slash travel budgets for 2019, insurer says

Americans slash travel budgets for 2019, insurer says | Insurance Business

Americans slash travel budgets for 2019, insurer says

A higher percentage of Americans will be taking vacations this year than Europeans, but Americans have slashed their travel budgets for 2019, according to a new study by travel insurance provider Generali Global Assistance.

Sixty-eight per cent (68%) of Americans said they would be taking a vacation this year, according to the company’s 19th annual Holiday Barometer study, while only 63% of Europeans said they would. However, US travelers said that they had reduced their travel budgets by 10% this year, while European travelers increased their travel budgets for 2019.

“In the 19th annual Holiday Barometer, we have seen the consolidation of many of the positive trends we have recognized in recent years,” said Chris Carnicelli, CEO of Generali Global Assistance. “While Americans have experienced a 10% reduction in their travel budgets, they are still the highest of those surveyed. As an assistance provider, we look to stay current with travel trends in order to accurately anticipate our customers’ needs. It’s part of our ‘you live we care’ motto that we look to fulfill every day.”

Americans are taking the least amount of time off for vacations this year, with survey respondents reporting an average of 1.4 weeks. Europe reported an average of 1.8 weeks. Brazil led the pack, with respondents there saying they planned to take an average of 2.2 weeks of vacation.