How is millennial spending influencing the travel industry?
As the buying power of the millennial generation increases, the travel industry must shift in order to keep up with their demands. Millennials do not want to own anything and are spending more of their income on experiences than ever before. As companies adjust their strategy, the below statistics will help to prioritize the key elements that influence millennial travel habits.
Over 97 percent of millennials share their travel experiences on social platforms to keep friends and families updated. Brands and organizations should prioritize social media exposure to ensure their companies have the opportunity to influence travel and are on the channels millennials prefer. When making travel plans, 87 percent of millennials use Facebook for travel inspiration and over 50 percent turn to Twitter or Pinterest for additional research.
Over Material Possessions
More than 3 out of 4 millennials surveyed, or 78 percent, would rather spend money on an experience over purchasing a material thing. Experiences are becoming significantly more important to all generations, as they boast life long memories and help drive connections between friends and family.
Mobile Optimization is Key
66 percent of millennials book vacations or do travel research through mobile devices. Mobile-first designs are becoming a crucial part of website development and companies should take this into consideration as updates and new platforms are developed.
Increase in “Bleisure” Travel
According to Expedia, 62 percent of millennials traveling for business are likely to extend their trips to experience the local culture while on company time. Additionally, employees under 30 are traveling an average of 4.7 times per year, in comparison to employees over 30 who are traveling 3.6 times per year.
How to Attract Millennials to Your Brand
The above sections will help you understand the buying power that the millennial generation holds and determine what criteria is most important to them. As millennials continue to travel for both business and pleasure, organizations can use these key takeaways to adjust their focus onto experiences:
Have a Brand Presence on Social Media
Offer Experiences, Not Things
Optimize Websites for Mobile Use
Give Access to Travel Opportunities Through Work
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