There are a few sectors where Millennials make more of an impact than in travel and tourism.
Studies show that their travel expectations and behaviors are significantly different from their parents’ and their whole travel journey has changed, from the initial inspiration phase to the actual travel and holiday experience.
The luxury travel segment is emerging among Millenials
The luxury segment today is undergoing major changes due to the structural shifts in demand patterns by consumers. The biggest emerging groups seem to be Chinese consumers and millennials.
Millennials are the individuals born between 1984 and 2000. They are a completely different type of consumers with distinguishing features, such as desire for experience, tech savvy, and high morals. With a total population of 1.8 billion millennials in the world, more than 300 million of them are frequent travellers, and the value of millennial travel market is 350 billion dollars.
A recent survey conducted among British Millennials revealed that half of 18 to 37-year-olds reckon they experience more “luxury” than their parents did, not having so many commitments and leading a “different lifestyle”, which basically makes it way more easier to enjoy the finer things in life and leading a more fulfilled life than older people did when they were the same age.
The statistics were presented in the study conducted by MSC Cruises, which also found 3 out of 10 youngsters consider they get more opportunity to indulge themselves while travelling than they do at home.
In fact, our love of luxury holidays sees the average Brit go abroad on holiday twice a year, visiting up to 11 different places so far, yet 64% said they are still looking to book a more exotic holiday every year, with women (68%) more likely to feel this way than men (60%).
What destinations do Millennials choose and what do they look for in a holiday?
Researchers also found the Maldives is considered the most luxurious destination, followed by Seychelles and Dubai.
The top attributes that make for a great luxurious holidays are seven-star experiences (37%), great service (37%), culture (2%) and stunning landscapes (23%).
In total, 47% of millennials go on two or more holidays a year, compared with 43% of Generation X and 39% of baby boomers.
Marketing strategies are changing due to Millennial requests in holidays
Luxury hotels and high-end travel companies are reviewing their marketing strategy to appeal to the affluent Millennial consumers and offer experiences that go beyond an airline ticket or a hotel room.
Luxury travel and hospitality marketing for the baby boomers used to be all about glossy images of Gen X couples sipping cocktails by the pool. But this depictions aren’t working with younger generations. Brands now need new visions if they want to spark the interest of the Millennial affluent travellers. The generation raised on individualism, independence, and Instagram seeks authenticity and shareability above all.