Millennials prefer to spend their money on travel

As if you hadn't heard enough about how your online travel business ought to be taking great pains to attract the millennial market, a recent study from GfK, commissioned by Airbnb, has proved once again just how lucrative this golden demographic can be.

Of 1,000 18-35 year-olds based in the US, UK and China, 65% agreed that regular travel was an important part of their lives and more admitted they prioritise travel over saving to pay off debt, purchase a car or buy their first home. The survey focused on respondents' priorities over the next five years, so it looks like travel plans are set to stay high on the millennial wish-list.

In further detail, it was revealed that nearly half (49%) of US millennials chose to regularly save in order to travel with paying off debt coming in as the second most-pressing priority. It was also found that US millennials are spending more on their travel plans than they were 12 months previously.

In comparison, UK millennials placed travel and paying off debt as of roughly equal importance on the priority list with saving for a home trailing in their wake. Young people in China placed the emphasis on travel with saving for a car and a home lagging behind at a considerable margin.

A particularly useful takeaway for travel businesses was that the majority of respondents were more likely to be swayed by postings on social media platforms such as Instagram and Facebook rather than by recommendations by family and friends. This indicates that if your business isn't using it's social platforms to plug the latest deals and promotions, you could be missing a trick. The same could be said if you're not using strategies that encourage your customers to share your brand with their networks - three-quarters of millennials said they would share their own travels on social media.

As the millennial travel market continues to rise, you need to make sure your online offering appeals to the right crowd. With a new study by marketing organisation Signal revealing that millennials are 'propelling the mobile revolution' - nearly half (48%) planned their travel with a smartphone in the last year - if your company's website doesn't provide users with a fully optimised, streamlined mobile experience, it's about time it did.

Contact us at Digital Trip to hear more about our award-winning mobile booking platform so that your business can keep abreast of the times.