Baby Boomers are a Big Part of the Travel Market
Sep 17, 2018
Have you considered focusing on the Baby Boomer market for travel insurance?
While the Millennial generation is on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation, Boomers are finding new and adventitious ways to fill their time, and studies show Baby Boomers are spending a whopping $157 billion on travel every year.
When a group of people as large as the Boomers are traveling, people take notice. As the industry looks to keep up with the travel demands of this generation, there are patterns developing in their habits. Many contributing factors — including more free time in retirement, money to spend and the ease of travel — are all leading to the Baby Boomer bucket list.
Travel insurance is an important consideration for Boomers. They are likely spending material amounts on trips, so a trip protection plan may be a good choice for them. And it's important they understand their health insurance may not follow them abroad.
Statistics about Baby Boomer Travelers
On average, 38 percent of Baby Boomers have a bucket list and have already completed 25 percent of their trips. Additionally, of these Baby Boomers, an overwhelming 83 percent of them have travel related items on their lists.
Studies show that Boomers have at least eight destinations on their list; half international, half domestic. In addition, 52 percent of boomers can identify a specific city or town they would like to visit as opposed to a type of location (e.g. beach, mountain, park or lake). Florida and California are the most popular domestic destinations, while the Caribbean, Latin America and Europe lead the way internationally.
Boomers are also enjoying the ease with which travel can now be booked. An impressive 84 percent of Baby Boomer travel trips are booked online, as well as their hotels and car rentals. Studies also found that 72 percent of Boomers research their travels online during the planning process.
Travel Insurance for Baby Boomers
This increase in generational travel magnifies the benefit of purchasing annual travel insurance plans. By investing in this kind of protection plan, Baby Boomers can protect their hard-earned retirement savings. Our multi-trip annual plan is a great choice for Boomers who take multiple trips each year. With this plan they can choose a trip length of 30 days or 45 days and pricing varies accordingly.
With money, time and a willingness to spend both, 99 percent of Boomers will take at least one leisure trip this year. As Baby Boomers continue their path to retirement or semi-retirement, it doesn’t seem as though they’re slowing down any time soon.
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