Release: Holiday hungry millennials to drive travel boom

HOLIDAY HUNGRY MILLENIALS PREDICTED TO DRIVE TRAVEL BOOM

After Vaccination Roll-Out Halted Young Travellers in 2021

The travel industry has suffered dramatically over the last 19 months as governments applied restrictions and closed borders in an effort to prevent the spread of coronavirus.

However, it seems that a travel boom is looming and with the recent switch from an expensive PCR test to a cheaper, quicker day 2 lateral flow test for fully vaccinated arrivals into Great Britain, the industry’s road to recovery is on the horizon.

New data from Quotezone.co.uk suggests there may be a surge in younger demographics (20-30 year olds), booking holidays abroad over the next few months – after the vaccine roll-out halted travel for this group over the summer. Based on a sample of 30,000 travel insurance policies, only 10% of travellers seeking insurance cover were under the age of 30, compared with 25% pre-pandemic (2019).

Despite popular perception that the young – particularly Instagram influencers – were enjoying trips abroad throughout the Covid crisis, new data shows that 40-60 year olds were the ones who travelled the most over the last 10 months, with the average age of frequent travellers in 2021 sitting at 49.

It is very likely that the vaccination roll-out, which prioritised older age groups, has been a key driver behind these travel trends. However, now that 72% of the UK population have been vaccinated*, and the remaining seven countries that were still on the red list have been removed, a boost for the travel industry is inevitable and as 230,000 UK students take a gap year every year, to the sum of £995 million**, a travel boom – driven by holiday hungry millennials – is likely.

The data also shows that confidence in travel is increasing across all age groups as nearly half of those surveyed opted for annual travel insurance, suggesting many do not anticipate a further lockdown or countries to be re-added to the red list anytime soon.

Greg Wilson, Founder of Quotezone.co.uk, comments: “It has been an incredibly challenging time for the travel industry, but as the final countries are removed from the red list, it might only be symbolic, but it could be a sign of better times to come for this industry.

“It’s unsurprising that the people most likely to travel over the last 10 months were those that had been first to be vaccinated – given it ensures that flying abroad is easier, safer and reduces the risk and expense of quarantining in a foreign country. But as the majority of adults are now vaccinated, the industry will be hoping that travellers start using up their accumulated annual leave and savings to make up for those missed holidays.

“Of course, it’s still important to exercise caution. The pandemic is not over and holidays may still be impacted through illness or restrictions. If travellers are finally getting away this winter, they should be sure to consider buying travel insurance when booking the holiday, rather than when the holiday starts. This will ensure they are compensated if anything prevents them from travelling.”

Customers should make sure they check the guidelines before travel, with all the latest tips and advice on travelling during Covid – COVID 19 FAQ page.

Note the cost of travel insurance can often increase with age as people become more likely to develop medical conditions. In fact, a recent survey showed people in their 70s can expect to pay double*** – so it’s important to shop around for a competitive policy, something comparison sites can help with.

Quotezone.co.uk helps around 3 million users every year, with over 400 insurance brands across 60 different products including niche items such as business travel insurance, multi trip travel insurance and European travel insurance.