How is Millennial Trend Shifting and Shaping Travel
Millennials love to travel whenever they can. They don’t view travel as a luxury but a necessity. According to the stats, they travel more than business travelers – about 4.7 times each year. Millennials have spent 20% more on travel in 2014 than the previous year and it is increasing. They are spending roughly $200 billion yearly on their travels. (Source)
This is good news for the travel industry as Millennials are the new trendsetters. The millennial generation is a digital-born one which relies on technology more than anything else. They are constantly connected to social media through their smartphones and are highly engaged with others. About 87% of millennials are using Facebook and 50% of them rely on Twitter and Pinterest for their travel inspiration. (Source)
The millennials love to post travel feeds on their social media accounts and they love sharing their travel experiences with the world. They inspire others with user-generated content in the form of blogs, reviews, status, updates etc. Millennials are expected to spend $1.4 trillion on travel by 2020 on yearly basis.(Source)
This generation has become crucial for the travel industry. They are continually changing the face of travel in various ways –
- Hostels are emerging as more appealing option
Millennials are making up over 70% of hostel guests across the globe. (Source) This is due to a large number of young travelers. Hostels cost less and make for a more affordable option for backpackers. Plus, they are situated at convenient locations and provide with an opportunity to meet like-minded travelers. This is why; hostels are reinventing themselves by focusing on giving more security, private rooms options, movie theaters, bars and more. Even big hotel brands like Hilton are exploring the hostel segment to meet demands of young travelers.
- Solo traveling groups
Contrary to the idea that solo travel is risky, millennials are increasingly going solo for their trips. For them, going solo doesn’t necessarily means going alone. The trend of group travel is on the rise. So you can always go solo yet have company to feel safe. This option is increasingly becoming popular amongst the millennial generation. In fact, female travelers are getting attracted to all-women trips when planned with travel agents or tour operators. This trend is giving more freedom to people to explore on their own terms.
- Leisure travel
Mixing business with leisure is the new emerging trend in the travel market, also known as leisure travel. Millennials are seeking opportunities that are based upon their ability to travel. These career options are seemingly popular. Most employees under 30 are willing to travel more often than their co-workers above 30 for business purposes. This is because of the fact that millennials are free from responsibilities at home or children. They are more open to discovering the world and extending their business vacations, unlike others.
- A surge in cultural experiences
A large number of millennials are choosing ‘experience’ over money during their trips. According to Topdeck Travel (Source), 86% of millennials are into ‘cultural experiences’ as compared to the 44% who prefer to party or shop. They have clear priorities over stuff. Millennials are going out of their comfort zones for experiences even to remote locations. They are more inclined towards experiencing a new culture or learning something new while they travel.
It is quite clear that millennials are impacting the travel industry like no other. They are a truly different breed of travelers who thrive on experiences and are ready to travel anywhere for that.
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