According to customer data from travel insurance marketplace, Squaremouth, far fewer travelers are planning Labor Day trips this year, with 88 percent opting to stay home. The travel industry has struggled recently amid global flight delays, increasing travel costs and a rocky start to hurricane season, and travelers are feeling the effects.
Here are two Labor Day travel trends that offer a good indication of how Americans are viewing travel this fall and how travel insurance can help:
Trip Costs Are Skyrocketing
This summer, over half of Squaremouth travelers reported spending more compared to years past, with the majority attributing the increase to inflation and the rising cost of travel. Labor Day Weekend is proving no different, with an average trip cost of $2,696 up a staggering 25 percent over last year.
- Protect your trip investment: With trip costs continuing to rise, it’s even more important for travelers with prepaid expenses to protect their financial investment in their trip. Insuring the cost of your trip typically costs only 5 to 10 percent of your total trip cost and can cover up to 100 percent of your prepaid expenses if you are prevented from taking your trip for reasons, such as an illness, extreme weather or delay of a travel carrier.
Travel Delays Are a Top Concern
Of travelers opting to take trips over the holiday weekend, the majority indicate concerns over flight cancelations and delays, while only 24 percent are concerned over heavy traffic and inclement weather.
- Make delays more comfortable: While there’s no way to guarantee your flight will leave on time, travel insurance can help protect you financially and make delays more comfortable. Travel delay coverage can refund meals and hotels during a delay and may even cover the additional costs paid to catch up to your destination.
Squaremouth polled more than 2,000 customers regarding their upcoming Labor Day travel plans to determine the current trends among travelers buying travel insurance. The survey was sent to all Squaremouth customers between July 26 and August 1.
For more information, visit www.squaremouth.com.
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