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Millennials are… forging and reshaping the travel industry

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Millennials travel far more than other age groups. “They see travel as a right and consider their travel experiences as part of their identity”

 Οι millennials… σαρανταρΙζουν και αναδιαμ ορφoνουν την ταξιδιωτικor βιομ&eta ;χανiα

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The so-called millennials – the generation born between 1981 and 1996 – are in their forties, defining the travel industry with their social awareness, technological savvy and consumer habits.

According to research firm Morning Consult, millennials travel far more than any other age group, surpassing the much wealthier baby boomers.

“When it comes to travel behaviors, millennials are the generation most likely to travel – and do so often. For example, 18% of millennials took three or more domestic flights in 2022, compared to 10% of Gen X (those born between 1965-1980) and 6% of baby boomers (those who born between 1946-1964),” explains Lindsey Reske, an analyst at the company.

They spend, but they don't waste

In addition, as she adds, they travel differently compared to the previous generation. “They see travel as a right, not a privilege, and consider their travel experiences part of their identity, rather than a 'check' on their bucket list,” notes Reske.

Due to financial worries, millennials are delaying some big decisions, from buying a house and car to getting married. But they still value “holidays over savings,” according to GWI Travel. That's why they are “way ahead of other generations” in rating vacations as extremely important to them.

This explains their willingness to spend, but not necessarily splurge, on travel. Millennials are more likely to pay more for flights than other generations, but only one in five say they look for premium travel options.

What motivates them

“What motivates millennials to a great extent for their travel are experiences,” says Reske. This generation along with Gen Z are more likely to spend money on experiences (61%) than on consumer goods (37%), according to American Express Travel's 2023 Global Travel Trends Report.

Compared to previous generations, these two age groups prioritize travel that focuses on personal well-being and stays in hotels with spas and wellness services.

People of the younger generations get their travel inspiration from TV series, movies, as well as through social media.
Furthermore, travel sustainability is important to the 40+ and next generation. “About 82% of Z and millennial travelers are interested in taking a vacation that will have a smaller environmental footprint in 2023, compared to 72% of Gen X and 64% of boomers,” says Audrey Headley, president of American Express Travel.

Where They Stay

Millennials and Gen Z are twice as likely to stay in a home than in a hotel. As Reske explains, many of this generation are now parents and traveling with their children.

As Morning Consult reports, since 2019 Airbnb home rentals have grown the most among travelers with children as young as 6 years old. and below.

Millennials made up nearly half of Airbnb's customers in 2022 – more than Gen Xers and boomers combined, according to UK market research firm YouGov.

Source: www.kathimerini.com.cy

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