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Budgets for holidays soar

Budgets for holidays have soared in recent months.

It has been revealed that the average traveller in the United States will spend $2,643 on their summer holiday this year and will look to go away for one and a half weeks, which is an increase on previous years.

And 68 per cent of Americans plan to head out on a summer vacation this year, followed closely behind by the Chinese at 67 per cent and the Europeans at 64 per cent.

With vacation budgets going up, interestingly, 46 per cent of travellers are planning to stay within the United States, a five per cent increase on the previous year.

Chris Carnicelli, CEO of Generali Global Assistance, said: "Summer travel has rebounded nicely over the past two years as an improved labor market, wage growth, and tax cuts have all lead to increased consumer confidence. While budgets have remained relatively flat, these positive economic factors have led to an increase in consumers discretionary purchasing power, affording more Americans the ability to take summer vacations this year."

Meanwhile, it was previously revealed that Americans are planning to spend 40 per cent more on their next trip abroad.

Nick Talwar, head of North American Credit at Visa Inc., said: "Americans have a zest for travel and exploration and these survey results hint at a growing appetite to increase travel budgets. With increased spending budgets and the desire to manage expenses, traveling with an electronic form of payment is becoming just as important as a passport."

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