ST. PETERSBURG, Fla.,
June 19, 2019 /PRNewswire/
-- 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, Millennials 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.
ABOUT SQUAREMOUTH
Squaremouth compares travel insurance policies from every major
travel insurance provider in the United
States. Using Squaremouth's comparison engine and
third-party customer reviews, travelers can research and compare
travel insurance policies side-by-side. More information can be
found at www.squaremouth.com
Available Topic Expert:
Jenna Hummer
jhummer@squaremouth.com
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SOURCE Squaremouth