A new survey from travel insurance marketplace Squaremouth indicates that travellers are currently spending more on their trips than ever before and expect their spending to increase even further next year.
Out of the 4,000 US customers who took part in the poll, nearly 90 per cent are spending more than they normally do on travel.
2023 is set to have the highest average trip cost ever among Squaremouth users, with the average trip cost up 20 per cent from last year.
In terms of upcoming travel plans for 2024, 82 per cent of survey respondents are anticipating that their travel spending will either increase or stay the same next year.
Respondents provided their reasonings for the expected increase in spending:
- Planning a bucket list trip (35 per cent)
- The increase in inflation and rising cost of travel (31 per cent)
- Expecting to travel to expensive destinations in 2024 (19 per cent)
- Planning to take longer trips in the new year (15 per cent).
As 2023 has been an expensive year for travellers, it is anticipated that 2024 will likely break new spending records within the travel industry.