Millennials travel much more than other age groups. “They view their travels as a right and as part of their identity.”
The so-called millennials — the generation born between 1981 and 1996 — are in their forties and define the travel industry with their social awareness, technological knowledge and consumer habits. Millennials travel far more than any other age group, ahead of the much wealthier Baby Boomer generation, according to research firm Morning Consult.
“When it comes to travel behavior, Millennials are the generation that travel the most and do it often. For example, in 2022, 18% of Millennials took three or more domestic flights compared to 10% of Gen Xers (those born between 1965 and 1980) and 6% of Baby Boomers (those born between 1946 and 1964). year),” explains Lindsey Reske, an analyst at the company.
They spend but don’t spend
Reske adds that they travel differently compared to the previous generation. “They view travel as a right, not a privilege, and consider their travel experiences part of their identity, not a checkmark on their wish list,” Reske notes.
Due to financial problems, millennials are putting off some important decisions, from buying a house and a car to getting married. But they still value “holidays more than savings,” according to GWI Travel. That’s why they are “far ahead of other generations” in evaluating the holidays as extremely important to them. This explains their willingness to spend, but not necessarily on travel. Millennials are more likely to pay more for flights than other generations, but only one in five say they are looking for premium travel options.
What motivates them
“What motivates millennials to travel to a large extent is experiences,” says Reske. According to the 2023 American Express Travel Global Travel Trends Report, Gen Zers, along with Gen Z, are more likely to spend money on entertainment (61%) than consumer goods (37%). Compared to previous generations, these two age groups favor well-being-focused travel and stay at hotels with spas and wellness services.
People of the younger generation draw inspiration from TV shows, movies, and also social networks. In addition, travel sustainability is important for people over 40 and the next generation. “About 82% of Gen Z travelers and Millennials are interested in a 2023 vacation with a lower environmental impact, compared to 72% of Gen Xers and 64% of Boomers,” said Audrey Headley, president of American Express Travel. .
Where do they live
Millennials and Gen Zers are twice as likely to choose homes over hotels. As Reske explains, many of this generation are now parents and are traveling with their children. Since 2019, Airbnb rentals have grown the most among travelers with children under 6, according to Morning Consult. Millennials made up nearly half of Airbnb customers in 2022, more than Generation X and Boomers combined, according to YouGov, a UK-based research firm.
Source: CNBC.
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