The “Trends in Global Millennial Travel: An Insight Into the Key Trends, Behaviours and Issues of Millennial Travellers” report has been added to ResearchAndMarkets.com‘s offering.
Trends in Global Millennial Travel 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.
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 the 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.
- 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.