Baby Boomers out-travel every other generation in 2022

Gen Alpha accounts for largest increase in market share
/ New Delhi
Baby Boomers
Baby Boomers out-travel every other generation in 2022

Baby Boomers was the only generation to see growth in its market share in travel insurance in Q2 2022 as against Q2 2021 (Photo: @rollelflex_graphy726/ Unsplash)

Travel insurance technology firm says that despite an almost 90 pc drop at the onset of the pandemic, the generation of Baby Boomers sees highest number of travellers in both Q1 and Q2 this year.
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A report by travel insurance technology firm, in the quarter April-June 2022, Baby Boomers have out-travelled every other generation, for the second quarter in a row, after a nearly 90pc drop in travel during the Covid-19 pandemic.

For over two years, the pandemic had changed everything about how travelling, says As the industry returns to ‘normal,’ Squaremouth analysed data from travel insurance consumers to reveal three new traveller trends.

Strong return of Baby Boomer Travelers Post- COVID

Baby Boomers saw the highest increase in both total number of travellers, and overall travel insurance market share, for Q1 and Q2 of 2022 compared to the previous year.

Baby Boomers was also the only generation to see a growth in its market share in travel insurance in Q2 2022 compared to Q2 last year. While almost all demographics except the Silent Generation (77 to 94 years) have continued to experience an increase in number of travellers, the recent drastic spike in Boomer travellers caused the deficit of other generational market share.

The return of Baby Boomer travellers comes after an almost 90 pc decrease at the onset of the pandemic.

Seniors yet to travel

According to Squaremouth reports, the Silent Generation is the only generation with fewer travellers in 2022 compared to 2019.

This may confirm seniors are still not as comfortable travelling today as they were before the pandemic, despite widespread vaccination efforts.

The decrease in older travellers, and increase in younger travellers insuring their trips, has kept Squaremouth’s average down. Currently they report an average traveller age of 44, compared to age of over 50 during pre-pandemic period. At the height of the pandemic this average age dropped to 38.

Millennials become leading insurance purchaser

Amongst all the age groups, Baby Boomers were the only generation to experience a decrease in their overall travel insurance market share this year compared to pre-pandemic years. Squaremouth attributes their drop to an increase in younger demographics, rather than a decrease in Boomer-aged travellers.

Throughout the pandemic, younger generations out-travelled their seniors, and subsequently out-purchased travel insurance, whether by choice or due to Covid-related requirements.

The Millennial generation were the ones with the biggest increase in insured travellers in Q2 2022 compared to pandemic years. Likewise, Gen Alpha (Below 12 years) experienced the largest increase in travellers this year compared to the pre-pandemic years. This youngest generation also accounts for the largest increase in market share compared to 2019.

Squaremouth says the increase in younger travellers aligns with the rise of their Millennial-aged parents insuring their trips.

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