by Mark Albert
WASHINGTON (TVR) – Americans are ready for some rest and relaxation.
Vacation spending by U.S. tourists is projected to top $100 billion this summer, a jump of 12.5% over last year and a record amount during the key travel season.
“Americans are feeling better about the economy and have loosened their purse strings for summer 2017,” said Daniel Durazo at Allianz Global Assistance USA.
The company’s annual Vacation Confidence Index showed strong growth not just in spending, but in consumer outlook, as well.
The estimated $101.1 billion to be spent on vacations in June, July, and August is up from $89.9 billion the year before.
“We’re happy to see that for first time in the eight year history of the Vacation Confidence Index, vacation spending will hit an impressive $100 billion. This new milestone is great news for the travel industry,” Durazo said.
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Generation X Tops Vacation Spending
The index projects that Generation X vacationers, those 35 to 54 in age, will spend more than Baby Boomers (those older than 55) and Millennials (ages 18-34).
The average Generation Xer will spend $2,628 on a summer vacation this year, 32% more than the typical American, who is estimated to spend $1,978.
Millennials are expected the spend the least of any age group surveyed, shelling out an average $1,373 for their time away.