ST. PETERSBURG Fla. June 19, 2019 — More Millennials than ever are choosing to protect their trip investments by purchasing travel insurance this year. Based on customer data, travel insurance comparison site, Squaremouth, reveals insights into Millennial travel behavior, including where they’re headed, their travel concerns, and how much they’re spending.
More Millennials are Insuring Their Trips
It’s not only the Gen X and Boomer generations choosing to protecting their trip investments with travel insurance this year.
- The number of Millennials insuring their trips this year is at an all-time high, increasing 24% over last year.
Cancel For Any Reason and Weather are Top Concerns
While Trip Cancellation and Emergency Medical are still the most popular benefits, Millenials are showing growing concern over inclement weather and wanting to be able to cancel without providing a specific reason.
- The number of Millennials upgrading their travel insurance policies with the Cancel For Any Reason benefit has increased by 26% over last year.
- Millennials buying policies specifically with Hurricane & Weather coverage for trips this summer increased by 17%, specifically for travelers heading to Caribbean destinations.
More Millennials are Traveling Solo
While group travel is still popular amongst younger generations, more Millennials are embracing solo travel this year.
- The number of Millennials opting to travel solo this year has increased 33% over last year.
- France, Mexico and Thailand are the most popular international destinations for solo Millennial travelers this year.
Interest in International Travel Grows
While the US remains the most popular destination for Millennial travel overall, travel to international destinations continues to increase.
- Mexico is the top international destination for Millennials this year, increasing in popularity by 15% over last year.
- Despite recent reports of increased crime, tropical getaways to the Bahamas, Dominican Republic and Jamaica have also seen a significant increase in Millennial travelers compared to last year, with a gain of 62%, 51% and 58%, respectively.
- Greece, India and China are the only destinations of the 25 most popular to show a decline in Millennial travel this year, dropping by 6%, 8% and 3% over last year.
Millennial Spending Decreases
On average, Millennials are spending less on trips this year compared to last year.
- Millennials are spending less on their trips than the previous year, with the average trip cost declining by 2% to $2,543.
- Millennials are spending less per trip than travelers in any other generation