According to Berkshire Hathaway Travel Protection’s (BHTP) sixth-annual State of Travel Insurance survey of travellers, millennials and higher-income travellers are the groups ready to return to traveling and lead the travel recovery into 2021.
The survey was conducted weekly over the span of 10 weeks to measure future expectations of travel-insurance purchasing, as well as traveller habits and perceptions during the pandemic. Millennials and higher-income travelers report they plan to spend more money on travel into 2021 and are more likely to cruise, travel solo and visit more international destinations.
In recent years, millennials emerged as the generation that travels the most, followed by mature (55-plus) travellers. However, the pandemic has further widened the gap between millennials and other age groups. Millennials indicated they’re holding onto their travel dream, with 38 per cent saying they would take an international bucket list trip in 2021. Conversely, only 16 per cent of mature travellers indicated they would do the same, instead choosing to stay closer to home, favouring domestic road trips and family travel.
Wealth also appears to be an influencer in people’s travel decision making. While two thirds of travellers anticipate they won’t travel internationally or take a cruise for seven months or more, respondents with an income of $100,000 or higher are ready to travel sooner. Half of this group are interested in taking a cruise or travelling overseas in the next six months.
The State of Travel Insurance survey was conducted from August 1, 2020 to October 7, 2020 by Polymath Research + Marketing on behalf of Berkshire Hathaway Travel Protection, with completed surveys from more than 1,600 U.S. travellers.