ST. PETERSBURG, Fla., Aug. 10, 2022 /PRNewswire/ — For the second quarter in a row, Child Boomers have out-traveled each different technology, in line with journey insurtech firm Squaremouth.com, after a virtually 90% drop in vacationers in the course of the COVID-19 Pandemic.
For over two years, COVID modified every little thing about how People traveled, to incorporate who traveled. As journey returns to “regular”, Squaremouth analyzed knowledge from journey insurance coverage shoppers to disclose three new traveler traits.
Robust Return of Child Boomer Vacationers Put up- COVID
Child Boomers noticed the best improve in each complete variety of vacationers, and general journey insurance coverage market share, for Q1 and Q2 of 2022 in comparison with the earlier yr.
Child Boomers had been additionally the one technology to see a optimistic improve to their market share in Q2 2022 in comparison with Q2 2021. Whereas virtually all demographics (besides the Silent Generation) have continued to expertise a rise in variety of vacationers, the current drastic spike in Boomer vacationers brought about the deficit of different generational market share.
The return of Child Boomer vacationers comes after an virtually 90% lower on the onset of the pandemic.
Seniors Nonetheless Not Touring
The Silent Era is the one technology Squaremouth experiences having much less vacationers in 2022 in comparison with 2019.
This will likely verify seniors are nonetheless not as snug touring right this moment as they had been pre-COVID, regardless of widespread vaccination efforts.
The lower in older vacationers, and improve in youthful vacationers insuring their journeys, has saved Squaremouth’s common down. At the moment they report a mean traveler age of 44, in comparison with 50+ pre-COVID. On the top of the pandemic this common age dropped to 38.
Millennials Develop into Main Insurance coverage Purchaser
Child Boomers had been the one technology to expertise a lower of their general journey insurance coverage market share this yr in comparison with pre-COVID years. Squaremouth attributes their drop to an increase in younger demographics, fairly than a lower in Boomer-aged vacationers.
All through the pandemic, youthful generations out-traveled their seniors, and subsequently out-purchased journey insurance coverage, whether or not by alternative or as a consequence of COVID-related requirements.
The Millennial technology had the biggest increase in insured vacationers in Q2 2022 in comparison with pandemic years. Likewise, Gen Alpha skilled the biggest improve in vacationers this yr in comparison with pre-COVID years. The youngest technology additionally accounts for the biggest improve in market share in comparison with 2019.
Squaremouth says the rise in youthful vacationers aligns with the rise of their Millennial-aged mother and father insuring their journeys.
Methodology: Squaremouth.com hosts the biggest variety of journey insurance coverage suppliers and insurance policies in the marketplace. Squaremouth Analytics in contrast 1000’s of journey insurance coverage insurance policies bought from 2019 to 2022 to ascertain traveler demographic traits.
Further Sources:
Live data room
COVID-19 and Travel Insurance Hub
About Squaremouth
Squaremouth is a journey insurance coverage comparability firm that helps prospects immediately search, examine, and purchase journey insurance coverage insurance policies on-line.
Squaremouth.com hosts probably the most intuitive journey insurance coverage quoting and comparability engine in the marketplace right this moment. Coupled with over 100,000 verified buyer critiques and the biggest portfolio of merchandise, Squaremouth permits prospects to buy a journey insurance coverage coverage from each main supplier within the US.
As an organization, we prioritize status over income, with a core purpose of serving to each buyer discover the protection they want for the bottom potential worth. Based in 2003, Squaremouth.com – and our multi-award-winning customer support staff – has helped greater than 2 million vacationers discover the perfect journey insurance coverage coverage for his or her journey.
SOURCE Squaremouth
