Americans will spend almost 14% less on summer vacations this year, new research shows.
The decline in spend is being led by millennial travelers aged between 18 and 34 that are more trusting of sharing economy services such as Airbnb, Home Away, Uber and Lyft to book travel experiences, according to research by Allianz Global Assistance (AGA).
AGA’s sixth annual Allianz Travel Insurance Vacation Confidence Index reports Americans will spend $85.5 billion on summer vacations in 2015, down 13.5% from $98.8 billion in 2014.
Almost 40% of millennials plan to spend less than $400 on summer travel; a higher proportion than all other age groups combined.
The survey shows that these value-seeking millennial travelers are more trusting of sharing economy services to book travel experiences. A majority (60%) of millennials trust the sharing economy, compared to only 37% of all other travelers.
