Luxury trips are becoming popular among millennials
After Baby Generation and Boomers X, Millennials will be the next big key market and the biggest generation for international travel.Born between 1980 and 2000, they’re technology-savvy, educated and raised with internet and digital communication.
Millennials love going on city trips, and are prepared to spend big on travelling, with 1 in 2 of all luxury trips being created by Millennials now.
These are the findings of The Global World Travel Monitor.Increasing share of Luxury Trips
With a lot more Millennials entering the workforce, there’s been increasing disposable income and cash.Today, 1 in2 of all international luxury trips - with expenditure greater than 750 Euros per night on short trips or more than 500 Euros per night on long trips -are created by Millennials – a share that has steadily increased over the last few years.
Furthermore, among luxury travellers, Millennials have the best average expenditure.
USA biggest source market and destination
The biggest source market of millennial outbound travellers will be the USA, accompanied by China, Great Germany and Britain, which combined hold market share of 35% of most millennial outbound travel.
When it comes to destinations, the United States is leading with the largest number of millennial visitors in 2017, accompanied by Spain, France and Germany.In an international comparison, however, destinations having an above average share of millennial visitors will be the Asian destinations Japan, South Korea, India and Australia and in Europe Ireland and the Scandinavian countries.
City trips and Sun & Beach
Travelling for holidays is the primary reason for Millennials going on a global trip, while only 15% of trips are for business purposes.When exploring foreign cities, Millennials enjoy visiting sights, shopping, along with good food.
The next most significant holiday type is Sun & Beach holidays, with the primary motives being relaxing, swimming and sunbathing, but also enjoying nature and good food.
Better educated and more females
According to the global world Travel Monitor data, Millennials are better educated compared to the average outbound traveller.Another interesting upshot of the analysis may be the above average share of female travellers.
As opposed to the full total outbound market, in the millennial segment female travellers have an increased share than male travellers.
The World Travel Monitor is founded on representative interviews with an increase of than 500,000 people in a lot more than 60 travel markets worldwide and contains been conducted for a lot more than twenty years regularly.