Allianz Global Assistance announces first annual Summer Vacation Confidence Study results
Cambridge ON, June 12, 2024 – Allianz Global Assistance (Allianz), a leading Canadian travel insurance provider, released the results of its Summer Vacation Confidence Study, which gauges travellers’ sentiments, confidence and intentions regarding their summer vacation plans. This year’s survey, conducted in partnership with Ipsos, reveals insightful trends and preferences as impacts like inflation and pandemic recovery continue to influence consumer mindsets and travel patterns.
Allianz’s Summer Vacation Confidence Study found that summer vacation confidence is on the rise with 61 per cent of Canadians planning to take a trip this summer. Summer travel intentions are highest among those aged 18-34 (72 per cent confident) and families with kids (73 per cent confident).
“Canadians are typically known to escape the winter, but with 72 per cent saying summer vacations are important to them, we may be seeing a shift to more consistent travel year-round,” said Dan Keon, VP of Marketing & Insights at Allianz. “Post-pandemic, there has been a rapid recovery in the Canadian consumer’s mindset around the importance and prioritization of travel. Our Summer Vacation Confidence Study suggests this trend is continuing, with 30 per cent of Canadians planning to take more than one trip this summer. We consider this segment to be ‘hyper travellers’.”
Allianz’s Annual Medical Flex Plan, which is perfectly suited to these ‘hyper travellers', addresses the need for flexibility in modern travels by offering coverage for the total number of planned travel days outside of Canada within one year. These coverage days can be used across multiple trips of varying lengths, allowing travellers to pursue their adventures with less hassle and greater confidence.
The study also revealed that the average vacationing family intends to spend $2,728 on a summer vacation this year – which equates to roughly $24.9 billion collectively.
“Canadian travellers plan to make a significant investment in their summer vacations this year,” noted Keon. “In today’s economic climate, it has never been more critical for travellers to protect themselves against unplanned cancellations and emergencies. Allianz encourages all Canadians who are planning holidays to include travel insurance in their trip budget, as the cost of travel insurance is a fraction of the potentially catastrophic expenses that can arise due to an unexpected medical emergency abroad. We wish all of our customers the safest of travels this summer, and if the unexpected arises, we’ll be here to help when it matters most.”
More of Allianz’s Summer Vacation Confidence Study results:
- • Almost all Canadians who intend to travel (89 per cent) plan to obtain travel insurance (Allianz Vacation Confidence Study, November 2023)
- Families with kids plan on spending an average of $3,519 on summer vacations this year
- Most Canadians are travelling this summer for a leisure vacation to rest and relax (65 per cent) or to visit family and friends (46 per cent)
- One quarter of those who say summer vacations are important are not confident they will be taking a summer vacation
- 47 per cent of Canadians planned to travel this past winter (Allianz Vacation Confidence Study, November 2023)
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Allianz’s Vacation Confidence Study was conducted in partnership with Ipsos in April 2024, among a sample of n = 2,000 Canadian adults. The results are considered accurate to within +/- 2.5 percentage points, 19 times out of 20.