(Entertainment-NewsWire.com, July 03, 2013 ) Bali, Indonesia -- According to the Travel Insurance Vacation Confidence Index, the annual study by Allianz Global Assistance USA, the country is facing an increase vacation deficit. The major reason for this is the waning economy that makes them uncertain if they can or should take a vacation, even if it is important to them.
The vacation deficit means the percentage of americans who think vacationing won’t be in their budget. Allianz defines vacation as spending a week or more at least 100 miles away from home. The deficit is raising. This year, 24 percent of Americans who usually take a vacation are not this year, compared to 18 percent last year. A surprising find was that 44 percent of Americans haven’t taken a vacation in two years, a stark increase from 35 percent last year.
However, those that are taking a vacation will be spending more, according to the study. 44 percent of those who vacation last year and plan to this year say they will be spending significantly more on vacation than they have the past two years, which will help travel agencies and tourist economies make up some of the difference for the decrease in vacations overall.
The average amount spent on vacations is expected to be around $1,755, which is up from the average $1,565 last year. That 12 percent increase will equal around $1.5 in revenue for travel and tourism companies.
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