Micro-segmentation of the travel market could help further push insurance products and services growth in the industry, according to a recently released study.
In the 2016
Portrait of the American Traveller report, MMGY Global identified micro-segments that could drive growth in travel-related services, including insurance. The study reported a 14% increase in intent to travel in the US market compared to 2015, which was driven by ‘micro-segments’ such as:
HENRYs’ (High Earner, Not Rich Yet" travellers, who are luxury consumers with high, steady cash flows, GottaGoSOLOs’ (travellers who are married with kids but vacation alone to reclaim their independence), and even ‘YAHTZEEs’ (”Young At Heart
Travelers Zooming Everywhere Enthusiastically", who are active retirees traveling more and spending more).
The study suggested that pushing travel services, including insurance, based on these micro-segments is more effective compared to the conventional approach of using broad generational segments to define travel markets.
