A recent Blue Cross (Asia-Pacific) Insurance Limited survey has revealed young people’s travel habits, preferences, and level of protection awareness.
The survey found that young people love to travel, with nearly 70% planning to travel twice or more a year. During their travels, 4% of the respondents hope to explore and try unique, novel, and exciting experiences. However, one-third would not purchase travel insurance, implying a lack of risk management and protection awareness.
New Generation Loves to Travel, Prefers Novel and Exciting Experiences
69% of the respondents plan to travel twice or more in the next 12 months; 22% plan to travel three times or more. In other words, one in five young people plans to travel three times or more in the coming year.
74% of the respondents aspire to explore and try unique, novel, and exciting experiences during their travels, and about one-third (32%) prefer to explore lesser-known destinations.
Preference for Spontaneous Travel, Travelling on a Whim after Grabbing Cheap Flights, Following Travel KOLs Suggestions for Itinerary, “Checking in” and “Happy Sharing” on Social Media
Nearly 60% (58%) of the respondents prefer improvised travel to planning an itinerary. Two-thirds (66%) of the respondents’ travel plans depend on the availability of cheap flights. As for planning their itinerary, 70% of the respondents said they would refer to the suggestions and recommendations of travel KOLs
62% of young people travel to “check-in” and are keen on “happy sharing” on social media, highlighting the close connection between their offline and online activities.
Young travelers Worried about Flight Delays, Cancellations, or Lost Luggage
When asked about travel-related concerns, 71% of the respondents cite flight delays or cancellations as their top worry; half (50%) are concerned about lost or damaged luggage. These are common risks that travelers occasionally face.
Two-thirds (66%) of the respondents said they would purchase travel insurance to protect themselves and their families. Eighty percent consider premiums and promotional offers key factors in choosing travel insurance.
One-third (34%) would not acquire insurance, and 42% thought it unnecessary. This shows that the new generation is inadequately aware of their protection needs.
Ms. Bonnie Tse, Chief Executive Officer of Blue Cross, said, “Today’s young people love to travel, seeking out fresh and exciting experiences. They are fearless, innovative, and willing to take on challenges. However, their lack of protection awareness is concerning.
Comprehensive travel insurance protects against common travel disruptions, such as flight delays and lost luggage. It mitigates the risks of accidents, injuries, and illnesses during the journey.
“We hope to inspire the new generation to balance living fully with protecting themselves and their families. As young people grow and progress through different stages of life, their priorities, concerns, and aspirations evolve, and a thoughtful awareness and understanding of risk management becomes increasingly important.”
Blue Cross values the youth market. Its business data reflect a growing base of younger customers, with a 108% increase in policyholders aged 18 to 29 and a 164% increase in policies. Moreover, the number of policyholders and policies for the 18-—to 22-year-old age group jumped 150% and 191%, respectively.
Ms. Tse said, “This market research is focused on local university students. This new generation has enormous market potential and matches Blue Cross’s young and dynamic brand positioning.
The survey results help us further understand young people’s preferences, consumption patterns, habits, and protection awareness. They also enable us to enhance our product design and marketing strategy. For example, we will introduce more flash sales and collaborate with travel platforms and KOLs that meet young people’s preferences and lifestyles.
In addition, today’s young people are growing up in a digital environment. Blue Cross has been keeping up with the pace of digital life. For example, it has optimized its company website to create a one-stop, seamless digital insurance service experience.
It has also established affinity partnerships with different digital platforms to connect with young customers at various touch points during their daily activities, from online shopping and travel bookings to payment systems and financial management services. This year, Blue Cross plans to launch a series of marketing activities catering to young people, further engaging this segment online and offline.