Allianz Partners’ International Vacation Confidence Index has found that most European travelers are planning higher travel spending, despite ongoing cost of living pressure and stubbornly high inflation. The survey found that very strong travel demand remains: 85% of respondents plan to take a vacation this summer. International travel intentions have increased again, with 43% planning a foreign trip in summer 2023, up 4 points on 2022.
The International Vacation Confidence Index, carried out by OpinionWay in May 2023 on behalf of Allianz Partners, surveyed 9,443 people across Austria, France, Germany, Italy, Spain, Netherlands, Switzerland, UK and Poland, with the aim of gaining an insight into consumer trust and travel intentions in the summer of 2023 – and the main concerns facing travelers.
Most travelers now consider environmental risks such as fires and floods when choosing a holiday destination. Following high-profile natural disasters in recent years, including the 2023 floods in northern Italy and major fires in 2022, 58% of survey respondents stated that they are taking such risks into account when choosing a holiday destination.
A few key trends:
- Increasingly adventurous: 43% of respondents consider themselves more adventurous than they were five years ago. In addition, 73% of holidaymakers have expressed a desire to try something new and different during their vacations.
- Less concern about geopolitics and health issues: Only 29% of those surveyed said they’re worried about geopolitical issues, down 13 points since last summer. Likewise, only 28% of those surveyed said they’re worried about health-related issues, down 17 points over the last 12 months.
- Greater focus on environmental impact: More than half (56%) plan to change the way they travel to reduce their impact on the environment. Half (53%) are willing to spend more on transport and accommodation to reduce their carbon footprint.
- Rest and relaxation the main reason to get away: Rest and relaxation was the primary motive for taking a vacation for most travelers in all nine countries surveyed.
“After a year of high inflation and cost-of-living pressures, you might expect that travelers would be reducing their budgets and tightening their belts in 2023. In fact, it’s the opposite: desire to travel remains extremely strong, and travelers are responding to higher prices by increasing their budgets. At the same time, a decline in geopolitical and health concerns is driving up international travel intentions once again.”Joe Mason, Chief Marketing Officer – Travel, Allianz Partners