Labor Day marks the unofficial end of summer and the unofficial end of vacation season for most Americans. Did you take a vacation this season? Somewhat surprisingly, most Americans haven't had a vacation - defined as a trip away from home of at least 100 miles - in the past year.
According to the Allianz Travel Insurance Vacation Confidence Index, more than 135 million Americans, or 56 percent, say that they haven’t taken a vacation within the past 12 months. That's an increase of almost 10 million from the 126 million Americans who reported no vacation in 2014.
Allianz projects that Americans will end up spending $85.5 billion on summer vacations in 2015, down 13.5 percent from the $98.8 billion we spent in 2014. The decline is being led by young Americans aged between 18 and 34; almost 40 percent of millennials plan to spend less than $400 on summer travel, double all other age groups combined.