- Millennials take £756 worth of possessions to festivals, despite 2 million having valuables damaged, lost or stolen each year
- Clothing, wallets and cameras most likely items to go missing
- Food festivals are now the most popular type of festival amongst Millennials, beating music and beer events
- New insurance app Back Me Up offers Millennials all-in-one, ‘swipe in, swipe out’ cover from UK and worldwide travel insurance to cracked phone screen repair
Millennials (18-34 year olds) carry an average of £756 worth of kit to festivals, despite more than two million (30 per cent) damaging, losing or having their valuables stolen whilst there, research today reveals.
The findings from Back Me Up – a new app-based insurance offering revolutionising the way 18-34 year olds in the UK interact with insurance – showed that clothing is the most frequently damaged, lost or stolen item at a festival (eight per cent). Almost 10,000 festival-goers’ wallets suffered the same fate while more than 7,000 revellers (six per cent) have had their phone damaged, lost or stolen.
Strikingly, three quarters of millennials (74 per cent) who went to a festival abroad, such as Sziget in Hungary or Outlook in Croatia, admitted to having a valuable damaged, lost or stolen.
The findings come as Back Me Up has announced a partnership with the Isle of Wight’s Bestival Festival. Throughout the four-day event, Back Me Up Angels’ will be offering practical advice to Bestival-goers on how they can best protect their valuables, as well as a number of giveaways and lockers to securely store possessions whilst people are having fun!
Top 10 items most frequently lost or stolen at festivals amongst 18 – 34s
- Sports equipment
Back Me Up, powered by insurance giant Ageas, has been built in partnership with a Millennial panel and provides cover designed specifically to chime with the lifestyles of young, independently-minded people.
Paul Lynes, Managing Director at Back Me Up, commented: “It is not surprising that Millennials go to festivals with their high-value possessions in tow, as smartphones, tablets and hi-tech equipment are an integral part of capturing and sharing experiences for the ‘Instagram set’. Whether it’s taking selfies on a smartphone, or memorable photos on a camera, no one wants to be held back by the fear that they might lose or damage something they really value, which is why having these things backed up is so important.”
With no annual contract, Back Me Up offers customisable, all-in-one cover. And by simply uploading a photo of an item, users can swipe possessions in and out whenever they want. For a flat fee of £15 per month, Back Me Up’s Core Cover protects:
- Three items or ‘Stuff’ against accidental and malicious damage, loss and theft, insured up to £3000 in total – switchable at any time by uploading a photo
- Annual mobile phone screen repair, regardless of whether the phone is one of the three items or not
- Worldwide and UK travel cover for lost items, cancellations and medical emergencies
- Up to £1,500 for replacement car or house keys and locks, if keys are lost or users are locked out
Back Me Up insures a range of items – from laptops and phones, to jewellery, tennis rackets and designer handbags – and is supported by an online Community. Users can also build their own cover, adding modular style Bolt Ons from £3 a month, which range from Adventure to Breakdown cover options.
Lynes continued: “There’s a huge gap in the UK market for an entirely new type of insurance, to meet the needs of young, independently-minded people who want to protect the things that matter to them, wherever they are. Until now, Millennials have had to engage with the insurance industry on its terms – but all that is now set to change.”
When asked about insurance more generally, less than a third (32 per cent) of 18-34 year olds deem insurance as ‘necessary’, with 34 per cent saying its ‘overpriced’ and just 12 per cent believing insurance is ‘good value’.