An increasing number of Brits are seeking more affordable ways to travel amidst the cost of living crisis. Many are investing in leisure vehicles as their interest in cheap and sustainable holidaying options grows. It’s no surprise then that caravanning holidays are the top choice this summer.
One of the largest demographics demonstrating the growing demand for caravans and touring holidays is millennials (those born between 1981 and 1995, also referred to as Generation Y)
Research by The Insurance Emporium has revealed an 85 per cent increase in millennial policyholders since 2019.
This demographic now accounts for 23 per cent of all touring policyholders, a surge that is being driven by an increase in caravan ownership for people under 40 years of age since the pandemic. In fact, the number of first-time caravan buyers has risen 20 per cent, with millennials accounting for a quarter of sales.
However, it’s not just investments in new leisure vehicles that are piquing the interest of young touring enthusiasts.
Gen Y are known for their concern for the environment and sustainability, which has led many to prefer planning trips around the UK or within driving distance to reduce their carbon footprint.
Recently, there has also been a boom in second-hand caravans and motorhomes and the van conversion market, which also reflects buyers’ interest in sustainable and affordable alternatives to purchasing new vehicles. This may explain why searches for “caravan interior ideas” are up 60 per cent on last year, with millennials accounting for 52 per cent of those.
Beyond the cost of living crisis and people’s shifting attitudes towards travel, there are other factors that may be driving younger generations’ interest in caravans.
Francis Martin, CEO of The Insurance Emporium commented: “We know that millennials are a very family-orientated generation, therefore caravans provide the perfect opportunity for a family getaway. From weekends away to the coast to family-friendly festivals, caravan travel provides a new adventure each time. There’s also the multi-generational element that caravans can bring together several generations of the same family in one place.”
