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BizReport : Trends & Ideas archives : November 30, 2016

Millennials prioritize travel over paying off debts or investing in a home

Millennials, the second-largest group of consumers in the U.S., are traveling more for both business and leisure than any other generation before them, according to a new study from research firm GfK, and that is great news for travel companies.

by Helen Leggatt

Millennials would rather travel than invest in a house, car, or pay of debt, found the GfK study, which was conducted on behalf of Airbnb. In the survey of 1,000 18-35-year-olds in the U.S., U.K., and China, nearly two-thirds (65%) agreed that "regular travel is an important part of my life".

Among respondents in the U.S. 49% saved regularly for travel, followed by saving to pay off debt. In the U.K., saving for traveling and paying off debt ranked almost the same, but were considered more of a priority that purchasing a property. In China, Millennials cited travel as their highest priority followed by purchasing a car and a home.

It is not surprising to learn from GfK's research that social media plays an important role in Millennials' travel plans. Travel postings on social media were considered more important than recommendations from family and friends.

ravel postings on social media platforms such as Facebook and Instagram were deemed more important than recommendations from friends, family or colleagues, according to the survey's participant, a takeaway agents can use to their advantage by promoting vacations on their own pages. In addition, three-quarters of Millennials said they would share their travel experiences on social media, allowing for agents to benefit from wide-reaching promotion to the same age category.

A recent report from FutureCast, 'Millennial Brief on Travel & Lodging', found Millennials currently spend more than $200 billion a year on travel in the U.S.

"Many are aware that Millennials are avid travelers, but few understand just how highly they prioritize it," said Jeff Fromm, president of FutureCast. "Millennials view travel as vital to their overall personal growth and development and rank it as more important than even strengthening relationships with friends and family. This points to a significant area of opportunity for lodging brands, which can be guided by the insights we have identified."

Tags: Millennials, social media, travel, trends

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