Cambridge ON, Jan. 26, 2023 – Seventy per cent 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. According to a recent Allianz Global Assistance survey conducted by Ipsos, 89 per cent of travelling millennials say they desperately need a vacation this year.
The study 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.
“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,” said Dan Keon, Vice President of Marketing & Insights at Allianz Global Assistance. “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 per cent 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 per cent), Gen X (42 per cent) and Boomers (19 per cent).
“Overall, 57 per cent 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 per cent,” added Keon. “So, how are millennials funding their revenge travel? In our survey, 59 per cent 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. To find out more about the travel insurance coverage that best suits your needs, visit the Allianz or contact your insurance broker or travel agent.
More travel trends among Canadian millennials:
- 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 per cent are confident they are taking a winter vacation this year
- Sixty two per cent of millennial travellers plan to travel internationally, while 38 per cent plan to travel domestically for their next vacation
- Millennials are well into adulthood and this life stage is reflected in their vacation plans – 71 per cent are taking a trip with family or a partner, while 15 per cent are travelling with friends, 12 per cent are solo travelling, and two per cent are taking a work trip
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The Winter Vacation Confidence Index Survey was conducted online by Ipsos in November 2022, among a sample of n = 2005 Canadians aged 18+, including n = 623 millennials. The results are considered accurate to within +/- 2.5 percentage points, 19 times out of 20, for the aggregate sample, and +/- 4.5 percentage points for the millennials.