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Millennials – Current Trends: Part III
During our last post, we reviewed Millennial debt culture and how it affects them as consumers. Today we are going to review a third Millennial trend.
Millennials on the Move
More so than any generation in history, Millennials love to travel. Especially considering the wealth constraints of this generation, the amount they travel is surprising. The average Millennial takes 5.6 trips per year, compared to 4 for Generation X and 3.5 for Baby Boomers.
Many Millennials are choosing more minimalistic lifestyles, trading material goods for experiences. Of course, this doesn’t mean Millennials don’t shop while traveling. 28% of Millennials specifically seek to shop while they travel. This still pales in comparison to the 86% who report traveling for cultural experiences. As such, if you are a business that can offer a cultural experience to tourists, Millennials are the perfect generation for which to focus your marketing efforts. (Source: https://comparecamp.com/millennial-trends/)
According to Expedia (https://bit.ly/3wPn7Ea), 74% of Millennials prefer to spend money on travel experiences than on material items. A majority seek full-service hotels, with 35% seeking luxury hotels. Millennials with children favor Airbnb accommodations. In regards to activities they engage in while traveling, they seek an authentic experience where they can embrace local lifestyles, experiences, food, music, and overall culture. They also prioritize “green” experiences, with 73% of Millennials favoring “Eco-friendly” hotels. This trend can also apply to activities if businesses are able to offer eco-focused experiences.
In summary, if you are a business owner in a vibrant tourist district, then Millennials may be an excellent demographic for you to target. This is especially true if you offer a cultural experience and/or an eco-friendly one.
Thank you for reading our three-part series on current Millennial trends!