Project: Time Off recently released their annual report, State of American Vacation 2018. Key findings include:
By the Numbers. On average, Americans used 17.2 vacation days in 2017, marking the highest level for American vacation usage since 2010 (17.5 days) and a full-day increase since bottoming out at 16.0 days in 2014. While half (52%) of employees reported having unused vacation days at the end of 2017, that ratio has improved from 54% in 2016 and 55% in 2015.
Economic Impact. The increase in vacation usage from 16.8 in 2016 to 17.2 days in 2017 delivered a $30.7 billion impact to the U.S. economy. It also produced an estimated 217,200 direct and indirect jobs and generated $8.9 billion in additional income for Americans. While the numbers are moving in a positive direction, the 52% that left vacation days on the table accumulated 705 million unused days last year—representing a $255 billion opportunity for the American economy.
Generational Cohort Findings. Millennials use a greater proportion of their days for travel than Generation X or Boomers, but take fewer days than older generations as a result of earning fewer days. The average Millennial takes 14.5 days, 7.1 of which are used to travel. Generation X uses 17.9 days and dedicates 8.2 of those for travel. Boomers take the most days off at 19.8, and spend 9.0 days on travel vacations.