Raise your hand if Mexico tops your list of favorite international destinations. If your hand is up in the air right now, you’re not alone.
A newly released study from InsureMyTrip, which delves into the travel habits, wants, and needs across four age groups – Baby Boomers, Gen X, Millennials, and Gen Z—found that Mexico is the number one international destination across all four demographics.
The report’s creators surmise that Mexico’s popularity across generations is due to it being so budget friendly. InsureMyTrip says Mexico is one of the cheapest vacations, with an average trip cost of $3,323.
However, the favored destinations by generation diverge significantly beyond the top slot. For instance, in the Baby Boomer group, Italy and the United Kingdom round out the top three spots. While for Gen X, Bahamas and Italy take the number two and three slots.
Millennials favor Costa Rica and the Bahamas, respectively. And for Gen Z globetrotters, Costa Rica also shows up at number two, followed by the United Kingdom.
The new InsureMyTrip report also breaks down how much each age group spends (on average) for vacations. And since this is a report from a travel insurance provider, there’s also data on who does and does not – purchase travel insurance when globetrotting.
When it comes to trip cost, Baby Boomers are the big spenders. The average amount this demographic pays for vacations is $6,126. Gen X is next up at $5,060, followed by Millennials who drop about $4,141 on vacations and finally, Gen Z has an average vacation spending tab of $2,788.
Finally, when it comes to taking precautions against any mishaps that may occur while globetrotting, it seems Baby Boomers are the ones most attuned to this reality. They lead the pack with 39 percent purchasing travel insurance policies. Millennials and Gen X follow closely behind at 26 percent and 23 percent respectively.
Gen Z meanwhile, appears perfectly comfortable flying by the seat of their pants. A mere 7 percent invest in travel insurance.