Tourism: holidays this year will cost more

Vacation travel is getting more expensive every year, according to American insurance company Squaremouth.com.

Those who travel this summer will have to spend more money on vacation than in any other year, averaging more than $9,300. The same survey shows that Greece is one of the top 5 travel destinations.

According to statistics published by Squaremouth, the average cost of summer travel in 2023 is 6.8% higher than last year and 26.7% higher than in 2021. The catalysts for this growth are inflation and the continuing rise in travel costs, which in turn drives up the cost of travel insurance. In addition, data processing shows that more than 7 in 10 Americans, or 75%, choose to vacation abroad.

Eight of the ten most popular international destinations this summer are European countries, which account for 42% of all summer travel insurance.

Top Destinations:

• At the top of the top 10 summer travel preferences of Americans for the second summer in a row is Italy, with a share of insurance policy sales of 6.75%, and Greece is in 5th place, with a share of 2.96%.
• Canada comes in second with 5.90%. In third place is the United Kingdom with 5.42% and in fourth place is France with 4.06%.
• Fifth place is tied with Greece by Mexico with the same percentage of travel insurance sales, followed by Iceland, Germany, Ireland and Norway.

Boomers, Generation Z and Millennials
Baby boomers account for 40% of all summer bookings this year, up from 33% last summer and 29% in 2021. Conversely, the percentage of summer travelers belonging to Gen X generations Z and Millennials, declining for the second summer in a row. In the US market, Gen X travelers accounted for 22.27% this year, up from 24.01% in 2022 and 24.59% in 2021. While for millennials the number of trips has decreased by about 3% compared to last year and by about 4% since 2021.

Reference

Millennial generation. Generation Y, or millennium generation, also “next”, network – the generation of people born approximately from 1981 to 1996. Its representatives are called millennials, or millenites, echo-boomers. They met the new millennium at a young age, characterized, above all, by their deep involvement in digital technologies.

Generation X is a term, applied to the generation of people born approximately between 1965 and 1980. The concept is used in demography, social sciences, marketing, public culture. As for other generations, shifts in the boundaries of the period of births are not uncommon, within plus or minus several years, taking into account local realities.

Generation X is preceded by baby boomer generation, and “X” is followed by generation Y. The borderline BabyBoomer-X generation includes people born in 1960-1964. Generation X children are traditionally referred to as generation Y, less often as generation Z.

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