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Latest trends reveal rise in international travel, last minute trips and young travelers

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In summer 2021, only 25% of travelers came from the Baby Boomer and Silent generations. Millennial and Gen X travelers are now the largest demographic, each accounting for more than 25% of travelers.

 

ST. PETERSBURG, FLA - For the first time since the onset of COVID-19, travel insurance sales have surpassed pre-pandemic numbers, according to travel insurance aggregator Squaremouth.com. However, as travel rebounds, new trends have emerged that show it is still far from 'normal.'

Squaremouth Analytics compared thousands of travel insurance policies purchased pre-and-post-pandemic to identify ​​trends and changes in how travelers are booking their summer trips. The data revealed 5 travel trends that showcase the new normal.

International Travel Approaches Pre-Pandemic Levels
While international travel has always accounted for the majority of Squaremouth sales, border closures in 2020 forced travelers to stay closer to home.

  • Prior to the pandemic, international travel comprised nearly 90% of Squaremouth sales 
  • In summer 2020, over 40% of travelers remained stateside, the highest amount in Squaremouth history
  • In summer 2021, international travel rebounded to roughly 80% of sales

Last Minute Trips Grow in Popularity
As borders reopen, a pent-up demand has led to travelers booking last minute trips abroad.

  • Historically, travelers purchased insurance at least 50 days before their trip
  • In 2020, travelers were planning even further ahead, as this number doubled to over 100 days for international trips
  • In summer 2021, Squaremouth reports travelers going abroad purchased insurance just 25 days before their trip

Spending More to Stay Closer to Home
For the first time, domestic travelers are spending more than international travelers.

  • In summer 2021, the average cost of a domestic trip was 22% more than an international trip
  • Overall, travelers are spending about the same as they did prior to the pandemic, with an average trip cost around $3,600

Baby Boomers Aren’t Back Yet
The average age of the travel insurance consumer is still well below the historical average.

  • Prior to the pandemic, travelers in the Baby Boomer and Silent generations comprised nearly half of all Squaremouth customers
  • In summer 2021, only 25% of travelers came from the Baby Boomer and Silent generations
  • Millennial and Gen X travelers are now the largest demographic, each accounting for more than 25% of travelers 

Caribbean Destinations Still Lead the Pack
Caribbean countries that remained open throughout the pandemic continue to lead in popularity, even as borders reopen.

  • This summer, Mexico, Turks and Caicos, and Costa Rica were the top 3 international destinations on Squaremouth.com
  • Prior to the pandemic, Canada, Italy, France, and the UK were the most popular among US tourists
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