Millennials have put off expenses like getting married and buying a home or car, but that will change as they enter their prime spending years (25-45), according to a report by Goldman Sachs.
Travel, however, is one thing millennials already spend money — and plan to spend more money and time on, according to Goldman Sachs and other reports.
Millennials were born 1982-2004, making 13 to 35 this year. The range of dates varies depending on the source: Goldman Sachs, for instance, defined millennials as being born between 1980-2000 in its recent report.
Why is so much attention paid to millennials? They’re today’s largest living generation at more than 75 million members. Their numbers are expected to peak at 81.1 million by 2036.
When it comes to travel, millennials want authentic, unique, adventurous and immersive experiences, according to the Adventure Travel Trade Association (ATTA). They want to be active and to live like a local, which influences everything from where they stay overnight to what they eat.
Millennials also are the largest and most technologically and social media engaged group of consumers. In fact, Airbnb says some 60 percent of its bookers are millennials.
Here’s what Airbnb’s “Rise of Millennial Travel” report found out about the travel habits and preferences of U.S. millennials:
- More than 70 percent say “travel is an important part of who I am as a person.”
- At least three quarters prefer to create their own itinerary rather than take a tour.
- Nearly 60 percent don’t mind traveling solo.
- More than half say they spend more on travel than they did a year ago.
- Nearly 60 percent seek more of an adventure when they travel vs. decompressing.
- More than half say meeting people when traveling is more important than bringing back souvenirs.
- Three quarters prefer to try food at local restaurants, rather than familiar chains.
- Most say discovering hidden local places is more important than visiting major tourist attractions, and they prefer accommodations in cool, local neighborhoods than close to tourist attractions.
The Airbnb report is based on the company’s booking data and a fall 2016 online survey of about 1,000 millennials in the Unites States, the United Kingdom and China.