Baby boomer and millennial travel habits revealed
New data from online travel insurance provider InsureandGo has uncovered the travel attitudes of baby boomer and millennial travellers, highlighting some of the similarities and differences despite the age gap.
The data found that millennials are three times more likely to travel under a family policy than baby boomers (9 percent compared to 2 percent). It also found that millennials are more likely to travel solo (67 percent to 55 percent), while baby boomers are nearly twice as likely to travel as a couple (42 percent to 24 percent).
“It’s no surprise that millennials are more likely to travel solo but what is interesting is that millennials are three times more likely to travel on a family policy than baby boomers, suggesting intergenerational travel is becoming more popular for millennial travellers,” said Jonathan Etkind, Head of Head of Sales, Digital & Marketing.
While millennial travellers have purchased more policies than baby boomers in the last 12 months with InsureandGo, both groups prefer to travel in the winter months of June and July, suggesting the cooler climate is sending both packing.
In terms of policy purchases, baby boomers are more likely to shell out for additional coverage for a top tier policy and are more likely to purchase a mid-range policy than millennials.
New research from InsureandGo has also found that an overwhelming majority of baby boomers and millennials were able to correctly identify what a PDS is used for (88 percent of millennials compared to 86 percent of baby boomers2).
“Despite all the talk about their differences, it seems baby boomers and millennials have similar habits when it comes to travelling and insurance. We’ve seen most baby boomers and millennials opt for mid-range and higher levels of cover. As would be expected, we do see that baby boomers tend to opt for the more comprehensive policies that can provide additional coverage for things such as income loss and curtailment, and higher limits for claimable items like baggage,” added Mr Etkind.
InsureandGo offers a range of policies including backpacker, cruising and domestic travel while offering policies aimed at family and solo travellers.
“What will make sense for a baby boomer compared to a millennial traveller will differ depending on the type of trip they are going on, what they will be doing on holiday and their medical history. Every traveller needs to do their research to find the policy that best suits their financial and travel needs to ensure they have protection in the event something goes wrong,” concluded Mr Etkind.
Millennials are born between 1980 and 1999, aged 18 to 37 years, while baby boomers are born between 1946 to 1964, aged 53 to 71 years.