Insure your safety when traveling abroad.

Three generations travel more "A LOT" more in 2016

May 17, 2016

Did you know that 75 percent of Americans plan to travel this summer? While many (80 percent) will travel within the United States, nearly 20 percent will travel abroad. Between May and August, Americans of all generations travel more than any other time during the year. Forty percent of all yearly travel occurs in these four months. Not surprisingly, we see a large increase in travel insurance sales during these same months every year. Now is the time for you to cash in on travel season!  

Whether travel insurance is a huge part of your book or a small part, take advantage of this time. Connect with your clients to educate them on the need for travel insurance.

Aside from Europe, their top destinations for travel are the United States of America, Australia, and New Zealand. And they are traveling for culture immersion, not just for fun and leisure.  

You can see, between May and August, Americans of all generations travel more than any other time during the year. Forty percent of all yearly travel occurs in these four months, which makes this prime season to sell travel insurance. The AARP reports that Boomers are planning an average of four to five trips this year, according to Stephanie Miles, VP, Products & Platforms, AARP. The report details their preferences in 2016: 

  • 99 percent of Boomers are planning to travel this year, and more than three-quarters of them have already chosen their destination(s).  

  • Nearly a third of Boomers will take advantage of hot summer weather to make domestic trips. 

  • Boomers are looking for hot spots and fun – literally. This includes Mexico, the Caribbean, Florida and Los Vegas.  

Generation Xers are traveling more too. Seventy-nine percent of them are traveling for pleasure and spend slightly more on travel than millennials or boomers, by some estimates. One study by Virtuoso Luxury Travel found Gen Xers spend about $627 per day.  This study also found, Xers are now defining their travel by the families they are growing. In the United States, they are scheduling vacations around school calendars, traveling to Sun Belt destinations such as Orlando, Miami Beach, Los Angeles, Mexico, and the Caribbean. They are enjoying travel for its pleasure qualities.   

How they go about planning and purchasing travel products follows Millennials. These two groups are planning, shopping, and buying travel-related products online, instead of working with a trip advisor. According to MMGY, 82% book travel online and 71% research their travel through online travel agencies. 

Whichever generation they come from, undoubtedly they should be buying travel insurance. With travel up this year, the potential for selling more travel insurance is increasing across the three largest demographics of the American population too. And their travel is varying from weekenders to longer, more costly excursions. The Millennials are traveling more overseas to immerse themselves in other cultures, while Boomers are in it for the fun. The data is unclear for Generation X, but we can safely say this group is booking, traveling, and spending – three ingredients ripe for travel insurance selling this season.

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