Trends in Global Millennial Travel: An insight into the key trends, behaviours and issues of millennial travellers
Summary
Millennials (Generation Y) are defined as the demographic group born between 1981 and 1999. They are tech-savvy, innovative thinkers and influential buyers. They are the most lucrative segment for businesses in the travel and tourism market. People born in this era will reach their peak earning and spending power in the next decade. Their earning potential is likely to be a strong driver for the tourism sector.
86% of millennial travelers preferred to pay more for the expediency of flight schedule, irrespective of flight cost. Also, in 2017, 80% of millennial travelers preferred to explore international locations over domestic destinations.
Also, Millennial business travelers are keen to extend their business trips in the interests of a leisure trip, to spend the extra time with their loved ones.
Travel companies need to adapt swiftly by understanding the preferences of millennials. For instance, millennials are more likely to explore exotic or unfamiliar locations than any other demographic cohort while planning their holidays. ‘Leica’ is capitalizing on this opportunity by launching its own holiday packages for millennial enthusiasts seeking photography at exotic locations.
The report "Trends in Global Millennial Travel: An insight into the key trends, behaviours and issues of millennial travellers", provides an insight into millennial travelers, their behaviors, consumption patterns, and motivators. It looks in detail at US, Chinese and Indian millennials, how they travel, and what tourism companies and operators must do to attract these travelers. The report also provides actionable recommendations on the best way forward for airlines, hotel operators, tour operators, and destination marketing organizations.
Scope
Reasons to Buy
Summary
Millennials (Generation Y) are defined as the demographic group born between 1981 and 1999. They are tech-savvy, innovative thinkers and influential buyers. They are the most lucrative segment for businesses in the travel and tourism market. People born in this era will reach their peak earning and spending power in the next decade. Their earning potential is likely to be a strong driver for the tourism sector.
86% of millennial travelers preferred to pay more for the expediency of flight schedule, irrespective of flight cost. Also, in 2017, 80% of millennial travelers preferred to explore international locations over domestic destinations.
Also, Millennial business travelers are keen to extend their business trips in the interests of a leisure trip, to spend the extra time with their loved ones.
Travel companies need to adapt swiftly by understanding the preferences of millennials. For instance, millennials are more likely to explore exotic or unfamiliar locations than any other demographic cohort while planning their holidays. ‘Leica’ is capitalizing on this opportunity by launching its own holiday packages for millennial enthusiasts seeking photography at exotic locations.
The report "Trends in Global Millennial Travel: An insight into the key trends, behaviours and issues of millennial travellers", provides an insight into millennial travelers, their behaviors, consumption patterns, and motivators. It looks in detail at US, Chinese and Indian millennials, how they travel, and what tourism companies and operators must do to attract these travelers. The report also provides actionable recommendations on the best way forward for airlines, hotel operators, tour operators, and destination marketing organizations.
Scope
- Millennial travelers prefer to explore international locations over domestic destinations
- Millennial business travelers are keen to extend their business trips to spend extra time with friends and family.
- Millennials are digital nomads, and technology profoundly influences them. This offers an opportunity for tourism boards and travel intermediaries to pitch their product offerings online to attract millennial travelers.
- Authentic and experiential travel experience has become a significant travel trend for millennial travelers, which allows them to experience activity-based travel such as cultural/educational, culinary, voluntourism, and adventure tourism, and also to get connected with people around them.
Reasons to Buy
- Gain strategic insights on the millennial travelers market
- Take strategic business decisions by understanding the motivations and behaviors of millennial tourists
- Gain a clear understanding and actionable insight into where there are future opportunities.
Table of Contents
- Snapshot
- Key Market Trends
- Key Source Markets
- US
- China
- India
- What is the Way Forward?
- Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Airbnb
- Skyscanner
- Expedia
- Accor Hotels
- Ctrip
