If it seems like more friends are visiting Europe than ever before, you might be right. Summer vacation spending by Americans is expected to top $100 billion for the first time ever, up almost 13% over a year ago, according to a study.
The milestone has ramifications for tourist states such as California, and business sectors ranging from luggage to house alarms to restaurants.
An annual survey by Allianz Travel Insurance has found that, on average, Americans will spend $1,978 on summer vacations.
Vacationing millennials will spend the least, $1,373, this summer, followed by baby boomers, $1,865. Generation-Xers will spend the most, $2,628 on average.
While many Americans are vacationing lavishly, others are questioning its overall importance. The survey found that one in four Americans say that taking an annual vacation is not important to them. Of those surveyed, 59% said taking an annual vacation was important, down 6 percentage points from last year.
The survey has been conducted each summer since 2010 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance USA. A vacation is defined as a leisure trip of at least a week to a place that is 100 miles or more from home. The survey of 1,009 randomly selected adults was conducted June 1-4.