As the world begins to emerge from Covid-19 restrictions, a new, monetary obstacle has arisen, imposing a different restriction on households. According to new research from Allianz Partners, for the first summer edition of the International Vacation Confidence Index, the uncertain economic situation poses the main challenge for travelers this summer. The research, which was carried out by OpinionWay on behalf of Allianz Partners, surveyed 9,107 people across Austria, France, Germany, Italy, Spain, Netherlands, Switzerland, UK and USA, with the aim of gaining an insight into consumer trust and confidence levels in travel ahead of the 2022 summer vacation period and to identify the main challenges facing travelers this summer.
While the impact of the pandemic on daily life seems to be receding in most countries around the world, the research finds that confidence in the ability to travel is up (77%) compared to last winter (58%). However, half of respondents (50%) say the probable increase in travel costs might push them to downscale their summer getaways this year. Similarly, almost half (47%) say that the state of their personal finances could mean they’ll need to downgrade their ambitions for their summer vacation.
Meanwhile, of those who are not planning any summer vacation this year, the number one reason cited by respondents is that they can’t afford to, due to rising cost of living and travel. Concern over the ongoing health crisis is the second most likely obstacle to the smooth execution of summer vacations (45%). This is ahead of concerns regarding the geopolitical situation with the war in Ukraine (42%), along with personal (43%) and professional (32%) obligations
A few key trends:
· Strong travel intentions in all countries
· High confidence in summer travel overall
· Summer travel is top of mind in Italy, Spain and UK
· Staycations and specifically beach holidays are preferred by Italians and Spaniards
· Austrians, Swiss, Dutch, and British have the strongest preference for international travel
· Relaxation is the number one goal for summer vacations
