If it feels like your entire Facebook feed is filled with picture of your friends and family enjoying pricey vacations, that’s because more people are traveling this summer, and they’re spending more than ever.
New data from travel insurer Allianz Global Assistance shows that total spending on summer vacations this year will amount to more than $101 billion, up 12.5 percent from year.
Americans who are going away said they planned spend 10 percent more on their summer vacation this year, for an average of $1,978. Gen X vacationers will spend the most ($2,628), while millennials will spend the least ($1,373).
More than 40 percent of Americans were confident that they’d take a summer vacation this year, while more than half were confident they’d get away at some point this year.
If you’re wondering how everyone can afford to take such expensive vacations, the answer in many cases is that they actually can’t. Nearly three-quarters of people recently surveyed by LearnVest said that they’d gone into debt to pay for a vacation.
More than half of Americans surveyed said that they didn’t account for vacations in their annual budget. Still, Americans were more likely to cite vacation savings as a top priority than they were to cite retirement savings.
While it may be not be great for Americans’ financial health, taking time off for vacation has been shown to have mental and physical benefits. That may be why those who are able to get away really do attempt to disconnect. Six in 10 vacationers recently surveyed by the Associated Press and the NORC Center for Public Affairs Research said they don’t check in with work at all while on vacation.