Seven in 10 Canadians are planning to take a vacation in 2024 despite economic difficulties, says Allianz Global Assistance’s seventh-annual Vacation Confidence Study.
The study revealed that individuals from affluent households are the most likely to be positive of a vacation next year, with 85% expressing assurance. Similarly, 80% of university graduates and 79% of families with children also display strong confidence in vacation plans. The positive outlook towards travel is further underscored by the fact that 72% of Canadians deem an annual vacation as crucial to their overall well-being.
Notably, individuals aged 55 and above, who were among the slowest to resume travel after the pandemic, are now leading the surge in vacation confidence, marking a 10-point increase compared to 2022’s findings. This age group represents some of Canada’s most dedicated travellers who are now packing their suitcases at a frequency comparable to those of 2019.
As for getting out of the country during the colder months, close to half of Canadians are planning to take a winter vacation. That is up four points from last year.
Unfortunately, although Canadians are indeed prioritizing travel in 2024, the rising cost of living and inflation is a factor in keeping people home. Seventeen percent of Canadians say an annual vacation is important to them, but they are not confident that they will take one. About a third of Canadians still have not had a vacation in over two years.
Changing travel trends and travel insurance needs
As we get more and more comfortable with exploring the world again, travel trends are changing to reflect our new realities.
Multigenerational travel is back in vogue, with grandparents joining their adult kids and grandchildren on international family vacations. Quite often, multigenerational travel is to celebrate major milestones, such as birthdays, anniversaries, and graduations.
For major trips involving a lot of people, trip cancellation and interruption insurance is an absolute must. Should the unexpected happen, everyone will be reimbursed for costs if it is necessary to cancel, delay, or cut the trip short at the last minute.
Travel insurance experts stress that nobody should leave the country without travel medical insurance, and this is especially true for older travellers. Travel medical insurance will cover for expenses such as hospitalization and treatment for medical emergencies, ground, air or sea ambulance services, X-rays and other diagnostic laboratory tests, prescription drugs, medical supplies such as crutches, professional medical services, emergency dental services, emergency air transportation, and more.
After being cooped up for three years, Canadians are treating themselves to bucket list trips. Travellers are embarking on once-in-a-lifetime journeys to finally get to the dreamt-about destinations and take part in the special experiences noted on their bucket lists.
When there’s so much riding on a vacation being perfect, trip cancellation and cancellation insurance is imperative. In addition, you’re also going to want to opt in to coverage for lost baggage and damage to personal items. While airlines and other transportation providers usually offer financial assistance in the event of lost baggage or damaged personal items, it is often limited and covers far less than actual costs. Travel insurance is there to bridge the gap.
Gig-tripping to major events (like a Bruce Springsteen or Taylor Swift concert) is another travel trend for 2024. When planning a gig-trip, it’s travel medical insurance that should be top of mind.
Other trips that people are taking more and more often include culinary destinations to experience different cultures through their food and luxe-for-less, meaning finding affordable luxury in less common locations. Malaysia, Albania, and Vietnam are emerging as luxe-for-less destinations.
Tips for a safer trip
Avoid a holiday accident and having to make a claim on your travel insurance by always remembering that you’re in a foreign environment. Always err on the side of caution and be conservative.
- Be very careful when driving in a foreign country, as everything from the rules of the road to local customs may be quite different than what you’re used to.
- Be aware of your surroundings and exercise common sense and good judgment.
- Before swimming in an ocean or hiking into a remote area, gather as much information as you can about where you’re going. Make sure someone knows where you are and what time you will be back.
- Don’t drink excessively; many holiday accidents occur as the result of overindulging in alcohol.
- Don’t drink tap water unless you’re sure it’s safe; stick to bottled water instead.
Contact Lane’s for the very best rates on travel insurance
Lane’s Insurance is a leading provider of travel insurance and a complete range of related products that cover every aspect of your travel needs. We make obtaining your travel insurance quick and easy, and guarantee you will be able to travel with zero worries. Contact us at our offices in:
