Americans of all ages are traveling—but their habits and need vary by generation, according to research by InsureMyTrip, which analyzed data over a three-year period (comprising travel insurance policies sold for trips departing between January 1, 2020 to December 31, 2023). The travel insurance website broke down its findings across four generations: Baby Boomers (aged 58 to 76), Gen X (46 to 57), Millennials (27 to 45) and Gen Z (six to 26).
According to the findings, travelers in each age range have different spending habits, are visiting different destinations, and are purchasing travel insurance at different rates. Here are some of the highlights:
Top International Destinations by Age Group
It appears all four generations love a deal (or perhaps a short flight). Mexico is one of the cheapest vacations with an average trip cost of $3,323; however, Boomers and Gen X are willing to splurge a little with trips to Italy (average cost: $6,984). The Bahamas, U.K. and Costa Rica all also appeared on multiple lists.
Baby Boomers:
- Mexico
- Italy
- United Kingdom
Gen X:
- Mexico
- Bahamas
- Italy
Millennials:
- Mexico
- Costa Rica
- Bahamas
Gen Z:
- Mexico
- 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. In fact, trip spend decreases with each following generation:
- Baby Boomers: $6,126
- Gen X: $5,060
- Millennials: $4,141
- Gen Z: $2,788
Percentage of Travel Insurance Policies Purchased by Age Group
It should also be no surprise that the oldest generation—Baby Boomers—are most likely to purchase travel insurance policies of the four groups (39 percent). Then, while Gen X and Millennials purchase insurance at a similar rate, Millennials make use of travel insurance at a higher clip—26 to 23 percent. By far the lowest, only 7 percent of Gen Z purchases travel insurance. Similarly, it’s the only cohort that has just one traveler named per policy, while the other generations tend to buy plans for at least two travelers.
Source: InsureMyTrip
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