New data reveals travelers are spending more on their trips this summer than ever before. Squaremouth.com, the nation's leading travel insurance marketplace, reports that travelers are spending an average of nearly $10,000 on their trips this summer. Squaremouth breaks down the rise in summer travel spending and explains how travelers can protect their trips in 2024. Summer travelers see higher trip costs in 2024 The average summer trip cost is almost $10,000 this year for the first time, marking a 7% increase over 2023 and 14% increase over 2024. This jump in trip cost is largely due to the overall rising cost of travel and inflation. Average summer trip cost & travel insurance premiums by year *Average trip cost data only reflects policies sold with an insured...
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Squaremouth predicts the 2024 travel outlook This year has been a challenging one for travelers, featuring passport delays, pilot strikes, natural disasters, and other uncommon disruptions. Looking ahead into the new year, Squaremouth, the US based leading travel insurance marketplace, reveals their predictions of the most notable travel trends to expect in 2024, and shares tips for travelers planning their trips. 1. 2024 will be the most expensive year on record for travelers Travelers have seen an increase in travel prices for the past three years running. The average international trip cost in 2023 is $6,574, up 21% from last year, and 30% from 2021. Data indicates this trend shows no signs of stopping, and many travelers share this same sentiment and expect to spend...
Read MoreRemote work has allowed employees to work from anywhere - even while traveling - and many travelers are taking full advantage with blended trips. Blended travel refers to trips that include both work and leisure time, whether it's adding extra vacation days to a business trip or working remotely during a vacation. Squaremouth recently polled more than 2,500 travel insurance customers regarding their upcoming travel plans and their experience with blended trips. Nearly Half of Travelers Have Taken a Blended Trip While mixing work with vacation may not be for everyone, almost half of Squaremouth customers confirm that they have experience mixing business with leisure. Over 43% of surveyed travelers revealed that they've taken a blended trip in some capacity in the past. A Quart...
Read MoreWith summer well underway, travelers are experiencing what could be the most expensive summer travel season. Inflation Leads to Record Traveler Spending In a recent survey of over 4,000 travel insurance customers in US, 73% of respondents said that they were more concerned or equally concerned about protecting their trip costs this summer compared to previous years. With more than half of surveyed travelers stating they're having to spend more on travel, Squaremouth reports the highest average trip cost in company history. So far this summer, travelers are spending more than $7,800 on average per trip. The cost of international travel, specifically, is up 25% from last year, leading many travelers to seek out destinations that are more affordable. Most Affordable Summer...
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