5 Things You Need to Know about How Millennials Travel
"When it comes to business and leisure travel, Millennials are a generation on the move," Kipp Jarecke-Cheng writes. "Numerous studies have shown that compared to older travelers, those ages 18 to 30 go on more trips per year (whether for work or play), seek unique, authentic travel experiences, and are more demanding about the amenities they expect both en route and at their desired travel destinations."
"Wanderlust may be a symptom of Millennials’ #yolo mentality or their inherently global perspectives, but regardless of why so many members of Gen Y feel the need to go west (or east or wherever), the rapidly growing number of Millennial travelers is having a huge impact on the industries that orbit domestic and international travel, and marketers ranging from airlines to hotels to travel services are taking notice and scrambling to meet the high expectations of this discerning and travel-savvy group," according to MediaPost's Marketing:Travel.
AudienceSCAN research says 28% are planning trips to amusement/theme parks in the next 12 months.
According to a report by travel industry research firm Phocuswright, 66% of Millennials surveyed said travel is a “very important part” of their lives. Further, Boston Consulting Group found that compared to Gen Xers and Baby Boomers, Millennials are more interested in travel by 23 percentage points. "While Millennials currently comprise 27% of the U.S. population and 25% of the workforce, Gen Y is projected to make up nearly half of the workforce by 2020 and is predicted to outspend Baby Boomers by 2030," Kipp writes.
8.7% intend to take a trip to a ski resort in the next 12 months, according to AudienceSCAN.
"Beyond the clout of sheer numbers and the enormous spending power that Millennials can leverage against travel service industries, Gen Y is a generation that’s decidedly vocal about their travel likes and dislikes, which they will readily share via social media," Kipp reports. "Indeed, Expedia’s Future of Travel Report suggests that Millennials are more likely than older travelers to voice their displeasure and post online reviews when their expectations aren’t met."
"Gen Y is pushing travel service industries to quickly evolve to better meet their needs," Kipp says.
Here are 5 things Millennials want and expect from their travels:
Value Over Budget
This makes sense once you realize 31% of millennials annually earn $0-$24,999, according to AudienceSCAN. And 25.7% of millennials bring home $25,000-$49,999 annually.
"Millennials still prioritize value and experiences, although they are more likely to order room service when it’s on the company’s dime," according to Kipp.
Style And Substance
AudienceSCAN research shows 17.2% of millennials intend to buy artwork (includes framing and paintings) in the next 12 months.
"Millennial travelers also want stylish and thoughtful design to complement the meaningful experiences that they’re collecting while on the road."
Community And Sharing
AudienceSCAN data reveals millennials are 19% more likely than average audiences to share a good experience on social media.
"Gen Y travelers want a sense of community even on the road, whether it’s common workspaces or coffee shops to gather."
38.3% of millennials own iPhones, AudienceSCAN reports. And 24% are commenting on a blog, message board or news story.
This "generation assumes that Internet connectivity is strong, stable, ubiquitous and free during their travels."
Brand Attention Versus Brand Loyalty
AudienceSCAN data shows millennials are 40% more likely than average to post reviews about a business when traveling away from home.
"While they are notorious for not being especially brand loyal, Millennials expect brands to pay attention to their needs."