What do millennials want when they travel? Authenticity

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.

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Got job? Millennials remain optimistic, new study finds

Even though millennials see higher unemployment rates, many remain optimistic about their job prospects, according to a new Federal Reserve Board report.

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Factors, such as automation and the trend of contingent workers, have affected employees, especially millennials who are the newest entrants to the workforce.

The Fed used unemployment rates from August, when the U.S. rate was 4.9 percent. (See chart at right.) The rates were lower in November, but the trends are similar: The jobless rate was 14.4 percent for people 18-19, 4.8 percent for those 25-34 and 4.6 percent for the nation, according to data the U.S Bureau of Labor Statistics.

The Fed commissioned GfK to survey over 2,000 people in 2015 to compare to a similar poll in 2013. The 120-page report provides a snapshot of the employment, education and financial independence of people age 18 to 30.

Overall, those adults were more optimistic about future job opportunities in 2015 (61 percent) than in 2013 (45 percent). Moreover, people who were employed, enrolled in college or who had some college education were the most optimistic.

And, as other surveys have shown, millennials aren’t so different from earlier generations in wanting employment stability. They prefer permanent, steady jobs (62 percent) to higher-paying  jobs (36 percent) and to contingent or contact work.

Other key findings from the 2015 survey include:

  • 61 percent are positive about future employment opportunities vs. 45 percent in 2013. People with permanent (68 percent) or full-time (65 percent) jobs were more optimistic about their future than those with temporary (43 percent) or part-time (54 percent) jobs.
  • More millennials see value in higher education than in 2013. Half said the financial benefits of education outweigh the costs, up from 41 percent in 2013. Despite that knowledge, people without postsecondary training list cost, a lack of time and course scheduling as obstacles.
  • Over 30 percent didn’t not receive information about jobs/careers in high school or college.fed-living-expenses
  • 45 percent work in a field closely related to their educational and training background.
  • Nearly half of part-time workers were considered underemployed, and would prefer to work more hours.
  • 73 percent can cover monthly expenses with their income vs. 64 percent in 2013, but many receive financial support from their families. And more of them can cover long-term expenses in an emergency (See chart at right.).

The bottom line: Most millenials aren’t sure how their standard of living will stack up against their parents’, according to the survey. Those whose parents have a high school education or less are more likely to expect a higher standard of living (19 percent) than those with at least one parent with a bachelor’s degree (17 percent).