It seems that every day there is a fresh way in which the millennial generation is changing an industry, from buying houses to working. One crucial industry which is changing almost daily is the travel industry, as a generation of ambitious but frugal travelers hit the skies, roads and seas. Here are four ways millennials are reshaping how we travel:
1. The ‘experience economy’
With a thirst for real experiences and stories rather than material gain, a new arm of the travel industry known as the ‘experience economy’ is thriving. Promising once in a lifetime opportunities and the chance to feel like a true explorer, these traveling experiences are hugely different from the popular vacations of a couple of decades ago. Cruises, package holidays, and small seaside retreats have been cast aside in favor of culinary, artistic and visual experiences. Feeling like they spend much of their time working for little career payoff, as well as being faced with towering house prices and little stability, it’s understandable that they’d be more interested in chasing down a rare event or a back-to-nature camping trip!
2. Booking holidays
It’s hard to believe that, not so long ago, smartphones didn’t exist. Nowadays, they can be used for practically anything – and traveling is no exception. A recent study showed 48% of smartphone users in the USA are comfortable researching, booking, and planning their travels entirely on their mobile device.
This has drastically changed the way travel companies operate, with many airlines offering apps which store tickets for frequent fliers – you never need fear misplacing your precious ticket again! This has also led to a more instant traveling experience – the time spent away may be shorter, but millennials spend less time planning ahead and are more interested in getting away quickly to take some time out from their regular routines.
3. Thrifty travelers
Many millennials are of the belief that travel is a right, with up to 39% of millennial and Gen Z workers suggesting they would not take a job that doesn’t let them travel. By the same stroke, they are also money savvy travelers who understand the benefit of some time away.
With 30% of workers suggesting they would take a lower salary for more business trips, it’s clear to see the value given to the chance to travel, especially if it’s all expenses paid. By going away for shorter periods of time, they spend less money in one go (but perhaps more over a longer period of time as they go away more frequently). With many millennials working full-time to fund their traveling experiences, it’s of crucial importance to those with wanderlust that their jobs will give them the opportunity to squeeze in breaks.
By planning ahead and making use of offers available, it’s possible to quickly and easily cut down the cost of your travels. Because millennials and Gen Z are often without children to pay for as well, they have the freedom and opportunity to take vacations for themselves.
4. Millennials are more keen to travel
The thirst for adventure is often too strong for cooped up millennials to stay in their jobs and, by a 23% difference, people between the ages of 16-34 are more interested in traveling than those over 34. This difference has financial benefits for travel companies; with young people generating over $180 billion dollars for the travel industry (with $8.27 trillion being spent yearly across the globe by all demographics). These huge figures represent the sheer numbers of millennials traveling around the world, having new experiences and learning more about the world and themselves at the same time. With youthfulness often coinciding with resilience and determination, it’s no surprise traveling is such a popular activity.
With millennials continuing to change the face of travel around the world, there is no better time to take some inspiration. Everyone needs a break now and again, whether a quick city weekend away or a two-month hiking trail across Europe. Travel has never been as easy or as popular, and it’s only going up!
