Millennials now started to move into their middle ages.
A generation that has traditionally been associated with youth is entering a new stage of life as more millennials, commonly referred to as people born between 1981 and 1996, turn 40.
Additionally, they are changing a tourism sector that strives to keep up with the times by bringing their tech knowledge, social consciousness, and spending patterns with them.
To begin with, according to data firm Morning Consult, millennials are traveling more frequently than previous age groups and surpassing the significantly affluent baby boomer generation.
“When it comes to nearly all travel behaviors, millennials are the generation most likely to engage — and they do so often,” said Lindsey Roeschke, travel and hospitality analyst at Morning Consult. “For example, 18% of millennials have taken three or more domestic flights in the past year, compared to 10% of Gen Xers and 6% of baby boomers.”
The travel preferences of millennials are shifting: partying is out, and these three activities are in. According to her, they are also traveling in a different way than those who came before them.
“They see travel as a right rather than a privilege, and consider their travel experiences to be a part of their identity rather than a check on a bucket list,” said Roeschke.
Not splurging but spending
Millennials are delaying everything from home and automobile purchases to marriage due to financial concerns.
According to a GWI Travel survey, they still favor “the thought of vacationing above adding a few more dollars to their savings.” Its research indicates that they are “far ahead of preceding generations” in considering vacations to be very or extremely essential to them.
Average cost per journey
According to the data provider, this may account for their desire to spend money on travel, though perhaps not extravagantly. According to the company’s research, millennials are more likely than other generations to pay extra for flights, yet only one in five say they seek out the best options when they fly.
Despite the fact that many millennials are struggling with student debt and growing living expenses, they continue to spend money on travel, but on average, they do so for fewer days than baby boomers did over the past three years, according to the insurance business InsureMyTrip.
Why do millennials want to travel?
“Millennials tend to be driven very much by experiences,” said Roeschke.
In accordance with American Express Travel’s 2023 Global Travel Trends Report, millennials and Gen Zers are more likely than other generations to spend money on experiences rather than on tangible products (46% vs. 37%).
Millennials are looking for vacations that emphasize mental wellness and relaxation because their spring break excursions and budget backpacking are no longer the sole emphasis of their vacations.
According to the study, millennials and Gen Z are more likely than previous generations to prioritize personal wellness-focused vacations (61% vs. 48%) and hotel stays (60% vs. 43%).
Movies, TV shows, and social networking sites like Instagram and TikTok are also more likely to inspire young people to travel.
Also, for people under the age of 40, traveling sustainably is essential.
According to Audrey Hendley, president of American Express Travel, “82% of Gen Z and millennial travelers say they are interested in going on a vacation that has a little impact on the environment in 2023, compared to 72% of Gen X and 64% of boomers.”
Younger travelers are deliberate about how they fill their itineraries because they have limited vacation time, she added.
“From eating local foods and engaging in self-care, to shopping at local businesses and visiting the locations of favorite TV shows and movies, personal passions are having a major impact on trip planning,” Hendley said.
What hotels millennials use
Customers of the travel app Hopper are twice as likely to stay in a home than a hotel, according to Frederic Lalonde, CEO of Hopper.
At the Skift Global Forum 2022, he claimed, “It’s all driven by our key users, who are millennials and Gen Z.” “These two generations are now beginning to rise to positions of economic power,” In theory, Hopper just needs to wait.
According to the British market research company YouGov, millennials made up about half of Airbnb’s users in 2022 – more than Gen Xers and boomers all together.
Some millennials are currently parents who travel with their kids, according to Roeschke of Morning Consult.
According to the firm, since 2019, tourists with children under the age of six have accounted for the majority of the growth in Airbnb home rentals.
In addition to having extra bedrooms, which are perfect for kids who are sound asleep by 7 o’clock, Airbnb homes frequently have cribs, high chairs, and toys available.
Brands and baby products in hotels
The hotel industry is attempting to recover some of that business.
In order to appeal to millennials, international hotel chains have established brands like Moxy and Aloft by Marriott, Canopy and Curio by Hilton, and Even and voco by IHG, to mention a few. Younger travelers are drawn to the brands’ interior design, wellness offerings, and even free drinks.
Even the upscale hotel chain Aman is joining in the fun. Later this year, the 35-year-old luxury company will debut Janu Tokyo, the first store under its new “sister brand.”
According to Vlad Doronin, CEO of the company, Janu was developed in response to demand from a larger group of visitors. In a press release announcing the hotel’s debut, he said that it has “the trademarks of the Aman offering in terms of service and superb architecture, but with a new speed and attitude.”
The millennial-focused Hotel Jen brand was introduced by the luxury hotel and resort firm Shangri-La about ten years ago.
As a result, its hotels made it a priority to provide “family experiences” across all of its brands, including themed kid’s rooms and floor pantries that were loaded with diapers, bottle sterilizers, baby bathtubs, and Stokke strollers.
The family pantry at Shangri-La Singapore features a microwave and washing machine in addition to high chairs, travel cribs, strollers, and kid-friendly activities.
With a heavy emphasis on tech, wellness, and animals, the IHG-owned Kimpton collection of hotels is also attracting millennials. According to the website, “If your pet fits through the door, we’ll welcome them in.”
Kimpton is also attempting to appeal to young families by solving a problem that is common to parents who are traveling with infants: the lack of readily available refrigerators that are cool enough to preserve breast milk.
Also, Kimpton collaborated with the baby firm 4moms to provide visitors infant car seats and play yards, and with the scooter business Micro Kickboard to make it easier for youngsters to travel with parents who are still getting used to the slower pace of family travel.
(Adapted from CNBC.com)
Categories: Economy & Finance, Strategy, Sustainability, Uncategorized
Leave a Reply