According to a new Allianz Global Assistance survey – conducted by Ipsos – 70% of Canadian millennials are packing their bags and taking a vacation this year, and over half of travelling millennials say they’re revenge travelling – unapologetically making up for lost travel time during the pandemic.
The survey also reported that 89% of travelling millennials say they desperately need a vacation this year.
And it also revealed that millennials are seemingly responsible travellers who proactively plan to obtain travel insurance before they take a trip. Three quarters of the generation believe travel insurance coverage is more important or equally as important now versus before the pandemic.
Dan Keon, Vice President of Marketing & Insights at Allianz Global Assistance, said: “We know millennials love to explore and experience the world, so it’s no surprise that seven in 10 plan to take a vacation this year.”
Keon continued: “It’s certainly reassuring to see that while millennials value travel experiences, they also value protecting themselves and their trips with travel insurance.”
Although most Canadian millennials seem to be hungry for a getaway, 50% of those traveling say they cannot really afford a vacation this year. This suggests they are the generation that is most insistent on travelling despite financial challenges, compared to Gen Z (36%), Gen X (42%) and Boomers (19%).
Said Keon: “Overall, 57% of Canadian travellers are scaling back their vacation plans this year due to inflation, and millennials are the most likely to do so at 64%.”
He continued: “So, how are millennials funding their revenge travel? In our survey, 59% of millennials said they are able to spend money on travel thanks to their pandemic savings. When considered alongside their perspectives on travel protection, millennials definitely fit the ‘responsible travel’ profile.”
Revenge travel, a relatively new trend, typically includes a bucket list trip to a never-before-been destination. Regardless of a traveller’s destination or generation, Allianz Global Assistance is reminding all travellers of the importance of travel insurance protection.
More travel trends among Canadian millennials include:
- Three quarters of millennials feel that an annual vacation is important
- Half of millennials typically escape the cold and take a winter vacation, but 55% are confident they are taking a winter vacation this year
- 62% of millennial travellers plan to travel internationally, while 38% plan to travel domestically for their next vacation
- Millennials are well into adulthood and this life stage is reflected in their vacation plans – 71% are taking a trip with family or a partner, while 15% are travelling with friends, 12% are solo travelling, and two per cent are taking a work trip
Go to https://www.allianz-assistance.ca/en_CA.html for more.