Despite the rising cost of travel, travelers are sparing no expense on their summer getaways, according to travel insurance marketplace Squaremouth.com.
Analyzing traveler spending data from thousands of travel insurance policies purchased for trips this summer, Squaremouth has shared the top summer travel spending trends of 2024, besides the most wallet-friendly destinations. Squaremouth identified these trends among travel insurance policy sales purchased with travel dates between June 20 and September 22, 2024.
Three-Quarters of Summer Travelers Heading Abroad
In 2024, 77 percent of travelers booking summer trips through Squaremouth are heading abroad. These destinations come with a high price tag, as international trips have an average trip cost of over $9,000, compared to just over $7,000 for domestic trips.
The top 10 international summer destinations include:
- United Kingdom ($9,245)
- Italy ($9,830)
- Canada ($6,975)
- France ( $9,468)
- Greece ($10,366)
- Germany ($8,171)
- Iceland ($9,427)
- Ireland ($8,116)
- Norway ($11,986)
- Spain ($8,501)
That said, with travel prices higher than ever, many travelers are searching for attractive destinations that don’t break the bank. Consider these five popular budget-friendly international destinations with the lowest average trip costs in 2024:
- Bermuda ($4,644)
- Mexico ($4,734)
- Puerto Rico ($4,941)
- Dominican Republic ($5,010)
- Philippines ($5,090)
Gen Z Spending the Most on Travel
All generations are spending more on trips this summer, with trip costs rising an average of 36 percent compared to 2023. Notably, however, Gen Z is spending an average of $11,766 on trips, surpassing all other generations for the first time in four years. Additionally, while Millennials are spending the least on travel this year, their year-over-year spending has increased the most by almost 50 percent.
| Generation | 2024 Average Trip Cost | 2023 Spend | Y-o-Y Change |
|
Gen Z |
$11,766 | $8,451 | +39.21% |
| Gen X | $10,729 | $7,876 | +36.22% |
| Baby Boomers | $10,680 | $7,811 | +36.71% |
| Silent Generation | $10,582 | $8,808 |
+20.14% |
| Millennials | $9,670 | $6,500 | +48.76% |
For more information, visit www.squaremouth.com.
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