Leading travel
insurance marketplace Squaremouth has just released a new report, which indicates
record levels of consumer spending on spring travel for 2024, with travelers
spending approximately $800
more on their trips than they did last year.
Its findings—based
on its own travel insurance policy sales purchased for travel dates that fall between
March 19 and June 20, 2024—reveal fresh trends in traveler spending, as well as
what look to be the most popular and budget-friendly destinations for the
coming spring season.?
The ferocious
winter cold—with its below-freezing temperatures, ice storms and artic blasts—has
many travelers dreaming of sunny springtime escapes. But, it seems those dreams
come with quite a hefty price tag, as travelers are being seen to spend more on
their upcoming trips than in years past.
Travel Costs
Surging Over Last Year
Squaremouth's data
reveals a stark reality for spring travelers: the price of a springtime escape
has spiked dramatically. This marks the third consecutive year of rising spring
travel prices, with an unprecedented 11.2 percent increase over the previous
year.
| Year | Average Trip
Cost | Year-over-year
Increase |
|
2024
|
$7,719
|
11.2 percent
|
|
2023
|
$6,943
|
5.2 percent
|
|
2022
|
$6,599
|
6.9 percent
|
Being a travel
insurance engine, Squaremouth emphasizes the importance of protecting these particularly
high-priced investments to avoid incurring significant financial losses. It
recommends considering comprehensive travel insurance plans with Trip
Cancellation coverage to safeguard against such unforeseen circumstances and needing
to unexpectedly cancel your trip. Such plans offer up to 100 percent coverage
of even non-refundable trip expenses, including hotel and airfare bookings,
should travelers find themselves forced to cancel for eligible reasons.?
Top Spring
Destinations Come at Premium Prices
European getaways appear
to dominate people’s spring travel wishlists, with early data showing that 47
percent off all insurance policies sold for spring escapes have a European
nation as their primary destination. However, jet-setting off to these
picturesque Continental locales comes at quite a cost, as Squaremouth's
analysis reveals that many of these top spring destinations carry above-average
trip costs.
According to Squaremouth’s
data, these are trending as the top 10 travel destinations for the upcoming
spring season.?
| Destination | Percentage of
Policy Sales | Average Trip
Cost |
|
Italy
|
8.94 percent
|
$10,075
|
|
Scotland
|
7.02 percent
|
$8,492
|
|
Mexico
|
5.19 percent
|
$4,667
|
|
Spain
|
4.97 percent
|
$8,689
|
|
France
|
4.82 percent
|
$9,588
|
|
Japan
|
3.90 percent
|
$10,869
|
|
Greece
|
3.38 percent
|
$9.690
|
|
Portugal
|
2.95 percent
|
$8,215
|
|
Netherlands
|
2.73 percent
|
$8,487
|
|
Bahamas
|
2.70 percent
|
$5,325
|
For travelers
embarking on long-haul journeys, Squaremouth advises considering policies with
robust Travel Delay and Missed Connection benefits. These protections can
mitigate the impact of flight disruptions and other logistical hurdles.
Some
Budget-Friendly Escapes Still Exist ?
Despite the unprecedented
costs of travel, budget-conscious travelers need not abandon their dreams of a
springtime getaway. Squaremouth highlights five destinations offering
affordable alternatives to their pricier counterparts.
| Destination | Average Trip
Cost |
|
Bermuda
|
$3,987
|
|
Mexico
|
$4,667
|
|
Dominican
Republic
|
$4,726
|
|
Jamaica
|
$4,747
|
|
Aruba
|
$5,121
|
?
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