Millennials have quickly become one of the most powerful forces in the travel industry. This generation, which includes adults between the ages of 24 and 35, have money to spend and they want to use it on experiential travel to new and exotic destinations. Millennials are looking for a different type of vacation experience than their parents and grandparents did, and tour and activity providers would be wise to take note.
Skift recently published an infographic outlining what travel industry businesses need to know about the generation that everyone seems to be talking about. We break it down for you:
To put it simply, Millennials love to travel. Not only are they inclined to take extended-stay trips that encourage cultural immersion, but they also enjoy booking spontaneous weekend getaway whenever possible. This has led Millennial travelers to travel for an average of 35 days per year. Given the fact that many Millennials are delaying marriage and having children, they often have more discretionary income to spend than other generations and travel is typically a top priority. They would rather book a trip than purchase a nicer car or a luxury home product.
The data shows that 55 percent of Millennials travel in order to relax. Many of them came of age during the recession, and they are used to dealing with constant connection with their peers as well as their professional network. This added stress has increased the need for relaxing getaways that allow them to unplug. In fact, 83 percent of Millennials choose to vacation at all-inclusive resorts where they have everything they need right at their fingertips.
As opposed to the younger Generation Z, Millennial travelers are more likely to be influenced by an advertising campaign than they are a social media campaign. More than 72 percent of Millennial travelers say that a solid advertising promotion can convince them to book travel arrangements. For the most part, online advertising — including retargeting and other social strategies — is the best way to connect and engage with Millennials. While these travelers have money to spend, they still like to get a great deal. Approximately 92 percent of Millennials report that they won’t finalize their booking until they feel they have the best deal possible.
Millennials may love to take selfies, but they want their vacations to be more than just an endless string of photo opportunities. Millennials are more likely to book a trip that allows them to be outdoors and experience something new, such as an informative tour or an immersive activity. Nearly 83 percent report that it is important to them to book a travel experience that allows them to cross an item off of their bucket list.
To learn more about Millennials and other generations, download the Rezdy’s Travel Tourism Glossary ebook today.