Millennials are travelling more than their previous generations. Condor Ferries research points out that around 82% of millennials have taken trips in the year 2019 as compared to 75% of its previous generations. The younger generation is into two categories: the Millennials born between 1980–1996 and Generation Z born between 1996–2005. Bloomberg research suggests that the millennials have an approximate spending power of 200 billion dollars, therefore attracting small and big travel companies to invest in this growing trend. What has been observed is that casino travel has become a popular choice among millennials. Even though they can play at The Online Casino™ or any other site, they want to visit the best casino destinations for real experiences.
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Growth in purchasing power among millennials
There has been a significant rise in the purchasing power of millennials. Even with student loans, they are responsibly spending money on their trips. They spend approximately $4400 on an average trip as compared to their previous generations ($6600) and Generation Y ($5400). The Consumer News and Business Channel’s (CNBC) Make It report found out that the millennials are earning more, double than what their previous generations were earning.
Some are even taking up more than one job to repay the debt, cutting down costs and hoarding up savings. Moreover, apps like Chime, Digit, Clarity Money etc. are guiding them into scheduling and tracking their budget.
A study in association with Morning Consult noted that more than half of the millennials are saving for a vacation. They are taking an average of 5 trips throughout the year out of which three are foreign destinations as per the 2019 travel trends by Expedia-AARP travel centre.
The coming of age group has displayed a strong affinity towards business travel. Research by Boston Consulting Group acknowledged that business travel spending by the millennials would augment to a whopping 50% of the whole business flights. It also proves that this generation is spending more on booking tickets owing to their increasing purchasing capacity.
Social media usage by millennials
Social media has also become influential in the decision making of travel destinations. Around 87% of them refer to Facebook for information on travel destinations, booking options and hotel accommodations. Instagram turns out to be the second most preferred social media platform. They are motivated towards travel brands and companies through the user-generated content on their social media accounts.
Due to this behaviour, many hotels and resorts have leveraged their spaces to selfie stations. It allows people to take their pictures and upload them on their accounts with tagged locations. It is to promote the concept of shareable experiences.
Word of mouth suggestions through social media in the form of peer reviews and ratings play a decisive role in the selection of places and hotels. There has been an increase in the usage of Pinterest and Snapchat to create a more personalized feed. 97% of them display a strong affinity towards sharing their travel memories on Instagram.
With the evolution of smartphones, this activity has become easy. Two in three use smartphones for booking and posting pictures on social media. Travel apps have made the research and booking process less cumbersome and relaxing for the millennials.
Experimenting with travel choices
Travelling has become an escapist medium for the younger generation. They are becoming more experimental with their choices. With their monotonous job routines, existing debts, burdening familial responsibilities etc. travelling helps them to relieve stress and seek moments of peace and comfort. They also see this as an opportunity to make some new friends or reconnect with old acquaintances.
With the influence of films and popular culture among the youth, there has been a rising demand for experiential travelling. They are on the lookout for enriching and authentic experiences.
With the ever-rising popularity of solo travel, millennials are stepping out of their comfort zone. They are opting for different travel choices. Romantic getaways and group travels are slowly gaining traction among them. Adventure sports, especially waterborne activities, are creating interest among them.
Another reason that drives millennials to travel is reaching out for happiness. By this it means, they show a strong affinity towards exhilarating and fun locations. Places like Mexico, Japan, Peru, Indonesia etc. have been listed as top favourites in this category. Casinos are also one of the reasons that lures millennials towards places like Las Vegas, Macau, London.
Millennials are one of the most diverse, vibrant, adventurous and challenging travel groups. With the changing technology and increasing interest towards an outgoing lifestyle, the travel industries must study and comprehend their travel behaviour. With the millennials co-opting a digital nomadic lifestyle, the travel companies have to step up their game and provide them with memorable and unique travel experiences to satisfy their wanderlust.