Do younger Canadians planning vacations value travel insurance?

Making up for the inability to travel during the pandemic is top of mind for 70% of Canadian millennials, who told an Allianz Global Assistance survey conducted by Ipsos they’ll be taking a vacation this year.

Of those saying they’ll hit the road in 2023, 89% indicated they “desperately need a vacation this year,” and half of those planning a trip described their plans as ‘revenge travel’ designed to make up for lost time during COVID-19 restrictions.

While many Canadians are saying they’re ‘done with COVID-19,’ the study found 75% of surveyed millennials said “travel insurance coverage is more important or equally as important now versus before the pandemic.”

The online survey was conducted in November 2022, and garnered 2,005 responses from Canadians over age 18, including 623 millennials. The survey was fielded prior to the 2022 holiday travel chaos that made a hash of so many Canadians’ planned visits to family and friends.

While a majority of millennials are eager to hit the road, 50% of those who said they intend travel also indicated they can’t really afford a vacation this year. That compares with 36% of Gen Z, 42% of Gen X and 19% of baby boomers.

“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%,” said Dan Keon, vice president of marketing & insights at Allianz Global Assistance.

He noted the survey found 59% of millennials who said they will travel plan to use pandemic savings to fund their trips.

The survey also found 55% of millennials said they’re confident in their ability to take a winter vacation in 2023. Of those, 62% plan to travel to international destinations and 38% are planning domestic trips.

Feature image by iStock.com/bluecinema