ST. PETERSBURG, Florida., July 13, 2022 /PRNewswire/ — Despite widespread news of inflation hitting a new 40-year high and rising gas prices, Travel Insurtech, Squaremouth.comreports that the average cost of travel for American tourists has actually declined overall, compared to pandemic and pre-pandemic years.
Squaremouth breaks down four surprising trends in traveler spending:
Travel costs less
Competitive offers and exceptional vouchers, combined with the strength of the US dollar abroad, can help reduce travel costs.
- Year-to-date, the average cost of a ride on Squaremouth.com is around $5,300
- At the height of the pandemic (2020), Squaremouth reported an average travel cost of $5,800
- In 2019, the average cost of the trip was close to $6,000
International travel is generally cheaper than domestic travel
For the second consecutive year, domestic travel costs more than international travel.
- Since the beginning of the year, the average cost of a domestic trip is around $500 more than an international trip
- However, among the most popular destinations, trips to Greece are the most expensive, with an average cost of around $7,600followed by Italy and France
Young travelers spend more
Squaremouth has seen an increase in the number of young travelers securing their trips compared to before the pandemic.
- More than 50% of travel insurance consumers are under 50
- Young travelers ($400 more per trip compared to 2019
Rising gas prices had minimal impact on travel costs
During the first quarter, Squaremouth analysts compared rising gas prices to travel costs.
- Despite a 17% increase in gas prices month over month, Squaremouth only reported a 0.21% increase in travel costs over the same period.
Additional Resources: Live Data Room
Methodology: Squaremouth.com hosts the largest number of travel insurance providers and policies on the market. Squaremouth Analytics has compared thousands of travel insurance policies bought from January 1, 2022 at June 14, 2022 to establish traveler spending trends.
square mouth is a travel insurance comparison company that helps customers instantly search, compare and purchase travel insurance policies online.
Squaremouth.com is home to the most intuitive travel insurance quote and comparison engine on the market today. Coupled with over 100,000 verified customer reviews and the largest product portfolio, Squaremouth allows customers to purchase a travel insurance policy from all major providers in the United States.
As a business, we prioritize reputation over profits, with the primary goal of helping every customer find the coverage they need at the lowest possible price. Founded in 2003, Squaremouth.com – and our award-winning customer service team – has helped over 2 million travelers find the best travel insurance policy for their trip.