Raise your hand if Mexico tops your list of favorite international destinations. If your hand is in the air right now, you’re not alone.
A newly released study from InsureMyTrip examined the travel habits, wants and needs of four age groups—Baby Boomers, Gen X, Millennials and Gen Z—and found Mexico to be the number one international destination across all four demographics.
The report’s authors speculate that Mexico’s popularity among generations is due to its budget-friendly nature. InsureMyTrip says Mexico is one of the cheapest vacation destinations, with an average trip price of $3,323.
However, generationally preferred destinations vary significantly beyond the top slot. For example, in the Baby Boomer group, Italy and the United Kingdom complete the top three spots. For Gen X, the Bahamas and Italy take the number two and three spots.
Millennium supports Costa Rica and the Bahamas respectively. And for Gen Z globetrotters, Costa Rica is also at number two, followed by the United Kingdom.
The new InsureMyTrip report reveals how much each age group spends (on average) on vacation. And since this is a travel insurance provider report, there’s also information on who does and who doesn’t – buy travel insurance while globetrotting.
When it comes to travel spending, Baby Boomers are big spenders. The average amount this demographic pays for a vacation is $6,126. Gen X is next at $5,060, followed by millennials at $4,141 per vacation, and finally, Gen Z with an average vacation spend of $2,788.
Finally, it seems that Baby Boomers are the most attuned to this fact, taking precautions to prevent any complications that may occur during globetrotting. They lead the pack in purchasing travel insurance policies at 39 percent. Millennials and Gen X follow at 26 percent and 23 percent, respectively.
Gen Z, meanwhile, seems perfectly comfortable flying by the seat of their pants. 7 percent invest in travel insurance.
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