Overspending Listed Among Top Concerns

 Of Summer Travelers

 

Now that it’s officially summer, many Staten Islanders have vacations plans in place, while others are exploring their travel options. This includes members of the banking industry, such as those at Victory State Bank, Staten Island’s only community-based business bank.

Bank employees and their families are no different than people in other industries when it comes choosing a fun-filled destination. Most people love vacations.

But vacations can spark some worry among travelers, such as concerns about overspending and disruptions of vacation plans due to weather or health issues, a recent study found.

According to the new survey by travel insurance comparison site InsureMyTrip, more than half of travelers (55 percent) polled will not return to the same destination as last summer. The results were part of the 2015 Summer Travel Guide, a compilation of data-driven insights to help consumers travel smarter in 2015.

This research also highlighted travel planning behaviors and preferences. For example, most will choose to stay in a hotel while on a summer trip and plan to go sightseeing, visit the beach, and spend quality time with family and friends.

For this particular study, InsureMyTrip conducted a highly targeted survey and restricted the respondent pool to only a group of US travelers who either researched or purchased travel insurance within the past 18 months.

Here are the results:

TOP TRAVEL CONCERNS: MONEY, HEALTH, WEATHER

The poll reveals that most summer travelers are concerned about overspending, health issues and bad weather affecting travel. Here is the list of concerns in order of popularity:

§  Overspending

§  Health issues before or during a trip

§  Hurricane or bad weather affecting travel plans

§  Missing a flight

§  Bad experience with food or accommodations

The survey also asked how much travelers planned to spend on a vacation. Nearly half polled (47 percent) will spend over $1500 on a vacation budget. Thirty-one percent will spend over $5000.

TRAVELERS PREFER TO VISIT NEW DESTINATIONS

§  55 percent will visit a new destination this summer

§  24 percent will sometimes visit the same destination

§  22 percent do tend to visit the same destination

MOST WILL GO ON A SUMMER VACATION THIS YEAR

§  An overwhelming eighty-two percent said they were planning a summer vacation.

§  Twelve percent said they had no plans yet.

§  Six percent had no plans.

§  Out of those polled, 67 percent will get to their destination by air.

PREFER STAYING IN HOTELS

§  42 percent will stay in a hotel

§  25 percent will go on a cruise

§  18 percent will stay in a vacation rental

§  10 percent prefer to stay with family or friends

§  4 percent will use a timeshare

SIGHTSEEING TOPS THE LIST OF SUMMER TRAVEL ACTIVITIES

§  50 percent enjoy sightseeing the most during a summer vacation

§  23 percent like going to the beach or relaxing

§  13 percent enjoy spending time with family and friends the most

§  10 percent other

§  3 percent eating at restaurants

TRAVELERS BOOKING WELL IN ADVANCE

Most travelers prefer to book vacations in advance with 82 percent booking a trip more than 30 days in advance, 15 percent booking a few weeks prior to departure and three percent preferring spur of the moment trips.

MOST POPULAR INTERNATIONAL DESTINATIONS: UK, FRANCE, ITALY

This list shows the most popular summer destinations for travel outside the US (June 2015 – August 2015). This information was pulled from internal customer data.

§  United Kingdom

§  France

§  Italy

§  Caribbean

§  Netherlands

MORE INTEREST IN TRAVEL TO EUROPE

InsureMyTrip teamed up with pricing app Hopper to research travel trends this summer. With the strong US dollar, it is not surprising to find more Americans booking trips to Europe this summer and taking advantage of a bargain.

§  According to Hopper, the cheapest times to fly to Europe this summer are in the beginning of May and the end of August.

§  June is the most popular month for European travel

§  Prices peak at the end of July

 

 

 

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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