Cost of travel in the US decreases despite inflation rates
Travel insurtech company Squaremouth.com has reported that the average trip cost for American tourists has decreased overall, compared to pandemic and pre-pandemic years
Competitive offers and outstanding vouchers, coupled with the strength of the US dollar abroad, may contribute to low travel costs. This year, to date, the average trip cost on Squaremouth.com is roughly US$5,300. Throughout the height of the pandemic (2020), Squaremouth reported an average trip cost of $5,800. In 2019, the average trip cost was close to $6,000.
For the second year in a row, domestic travel costs more than international trips. Year to date, the average cost of a domestic trip is roughly $500 more than an international trip. However, of the most popular destinations, trips to Greece are the most expensive, averaging a trip cost of roughly $7,600, followed by Italy and France.
Squaremouth has also seen an increase in younger travellers insuring their trips compared to prior to the pandemic. Over 50 per cent of travel insurance consumers are under the age of 50. Younger travellers (<50) are spending about $400 more per trip compared to 2019.
During the first quarter, Squaremouth analysts compared rising gas prices to trip costs. Despite a 17-per-cent increase in gas prices month-over month, Squaremouth only reported a 0.21-per-cent increase in trip costs during the same period.