Despite the rising cost of travel, travelers are sparing no expense on their summer getaways, according to Squaremouth.com, the nation's leading travel insurance marketplace.
Analyzing traveler spending data from thousands of travel insurance policies purchased for trips this summer, Squaremouth reveals the top summer travel spending trends of 2024 and which top locations are the most wallet-friendly.
Over 75% of Summer Travelers Are Heading Abroad
In 2024, 77% of travelers booking summer trips through Squaremouth are heading abroad. These destinations come with a high price tag, as international trips have an average trip cost of over $9,000, compared to just over $7,000 for domestic trips.
Top 10 International Summer Destinations for 2024
Destination | % of Travelers | Average Trip Cost |
United Kingdom | 6.38% | $9,245 |
Italy | 6.25% | $9,830 |
Canada | 5.17% | $6,975 |
France | 3.47% | $9,468 |
Greece | 2.81% | $10,366 |
Germany | 2.39% | $8,171 |
Iceland | 2.37% | $9,427 |
Ireland | 2.34% | $8,116 |
Norway | 2.33% | $11,986 |
Spain | 2.23% | $8,501 |
Budget-Friendly Destinations for Summer 2024
With travel prices higher than ever, many travelers are searching for attractive destinations that don't break the bank. Consider these 5 popular budget-friendly international destinations with the lowest average trip costs in 2024.
Destination | Avg Trip Cost |
Bermuda | $4,644 |
Mexico | $4,734 |
Puerto Rico | $4,941 |
Dominican Republic | $5,010 |
Philippines | $5,090 |
Gen Z Spending the Most on Travel
All generations are spending more on trips this summer, with trip costs rising an average of 36% compared to 2023.
Notable Stats:
- Gen Z is spending an average of $11,766 on trips, surpassing all other generations for the first time in 4 years
- While Millennials are spending the least on travel this year, their year-over-year spending has increased the most by almost 50%
Generation | 2024 Average Trip Cost | 2023 | % Change YOY |
Gen Z | $11,766 | $8,451 | +39.21% |
Gen X | $10,729 | $7,876 | +36.22% |
Boomers | $10,680 | $7,811 | +36.71% |
Silent | $10,582 | $8,808 | +20.14% |
Millennial | $9,670 | $6,500 | +48.76% |
Methodology: Squaremouth identified trends amongst travel insurance policy sales purchased with travel dates between 6/20/24 – 9/22/24.
