Travel Trends: InsureMyTrip Reveals Vacation Habits of Different Age Groups
WARWICK, R.I., March 20, 2023 — People of all ages travel, but different age groups have different needs, wants, and concerns when vacationing. So, InsureMyTrip analyzed the travel habits of Canadian policyholders in four age groups utilizing data over the last three years:*
- Baby Boomer: 58-76
- Gen X: 46-57
- Millennial: 27-45
- Gen Z: 6-26
According to the findings, travellers in each age range have different spending habits, visit various destinations, and purchase travel insurance at different rates.
Top International Destinations by Age Group
It appears all four generations love a deal. Mexico is one of the cheapest vacations, with an average trip cost of $4,569 CAD. However, Boomers and Gen X are willing to splurge with trips to Italy (avg. $9,603 CAD).
- United Kingdom
- Costa Rica
- Costa Rica
- United Kingdom
Average Trip Cost by Age Group
This may come as no surprise, but Baby Boomers spend significantly more on vacations than the other generations – especially Gen Z.
Baby Boomer: $8,423 CAD
Gen X: $6,957 CAD
Millennial: $5,694 CAD
Gen Z: $3,833 CAD
Average Number of Travellers by Age Group
Those in the newest generation, Gen Z, tend to have just one traveller named on a policy, while the other generations tend to buy plans for at least two travellers.
Baby Boomer: Two (2)
Gen X: Two (2)
Millennial: Two (2)
Gen Z: One (1)
Percentage of Travel Insurance Policies Purchased by Age Group
Older Canadians and millennials appear more apt to purchase travel insurance.
Baby Boomer: 39%
Gen X: 23%
Gen Z: 7%
Why to Consider Travel Insurance at Any Age
A common misconception about travel insurance is that it is for and caters to older Canadians. However, a policy can be beneficial to Boomers and Gen Zedders alike.
Here are two important travel insurance benefits that travellers of all ages may want to consider:
- Emergency Medical: This coverage is vital for those travelling abroad. Canadian health insurance plans may not cover medical bills outside the home province, territory, or country.
- Cancel for Any Reason: This may be an optional benefit or included in a plan. It gives travellers the flexibility to cancel a trip for something other than a covered reason (e.g., fear). There are eligibility requirements, but if those are met, you may be reimbursed 50% of your insured, prepaid, nonrefundable trip costs if you cancel at least 48 hours before departure.
Travellers can compare plans on InsureMyTrip.ca. All-inclusive travel insurance plans can cover your prepaid, nonrefundable trip costs, including flights and accommodations, and provide robust key benefits, including trip cancellation, emergency medical, emergency evacuation, trip interruption, trip delay, baggage loss and delay, and 24/7 emergency assistance.
*Methodology: InsureMyTrip analyzed travel insurance policies sold for trips departing between January 1, 2020 — December 31, 2023. The InsureMyTrip data team defines Generation age ranges.
It’s simple. InsureMyTrip finds you the right travel insurance plan every time. We are committed to empowering travellers to make the best insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is based in the U.S. with an office in Toronto, Ontario.