Travel insurance marketplace Squaremouth.com analyzed booking trends to identify five key 2023 travel predictions.
2023
Nearly 90% of insured travel was for international destinations, marking the first time international travel matched pre-pandemic levels.
Squaremouth anticipates a high demand for international trips to continue in 2023.
Antarctica Will Be a Top Destination for the First Time in 2023
With international travel back, bigger trips to more adventurous destinations will trend in 2023.
Preliminary 2023 trip data shows
Other top destinations early in 2023 include
Top Insured Destinations for 2023
Destination Number of Sales for 2023 Travel AverageTrip Cost
Mexico 2,362$4,103.47
Italy 1,377$8,662.87
Israel 930$7,494.12
TheBahamas 920$3,998.42
France 770$8,200.67
Costa Rica 664$5,801.99
Spain 595$7,221.26
Japan 522$8,932.15
Antarctica 510$18,896.71
Canada 509$7,976.86
Data through
Travelers Primed to Spend at Least 25% More on Travel
With lingering economic uncertainties, travelers are becoming more budget conscious and changing their spending habits.
Travel is getting more expensive, and will continue to increase in 2023. Travelers spent an average of 25.53% more on trips in 2022 compared to pre-pandemic figures.
Millennials are feeling the most price pressure, spending an average of 40% more on trips compared to 2019.
Older Travelers Return
Older travelers have returned to pre-pandemic numbers going into 2023. Squaremouth expects Millennials and Gen Z will continue to purchase travel insurance at a higher rate than 2019.
Over 60% of travel insurance buyers are born before 1980, which includes Generation X and the Baby Boomer generation. Collectively, this group is expected to spend over
Millennials and Gen Zers grew their market share of travel insurance purchases by over 15%.
Travelers Will Worry Less about Coronavirus, and
Due to aviation-related travel disruptions in 2022, Trip Cancellation and Travel Delay are becoming bigger concerns for travelers going into 2023.
Searches for travel insurance including COVID-related coverage dropped by around 2% in 2022, while searches for Cancel for Any Reason dropped by nearly 3% from 2021, and almost 9% compared to 2020.
Methodology: Squaremouth analytics compared travel insurance policy sales for trips being insured
Notes to editors
Travelers can quote, compare, and buy travel insurance for their holiday travel on Squaremouth.com. Squaremouth sells over 90 plans from 20+ providers, and offers the largest portfolio of products offering coverage related to the Covid-19 pandemic.
Available Topic Expert:
Squaremouth maintains a list of country insurance requirements here: https://www.squaremouth.com/destinations
About Squaremouth: Squaremouth.com has insured over 2 million travelers. Using Squaremouth's intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.
Schedule an interview with a topic expert:
mmoncrief@squaremouth.com
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