Millennials Consider Travel a Top Priority for Spending
According to a new study, millennials love to travel more than they're willing to dedicate funds to other commitments. The new Airbnb study in conjunction with market research institute GfK looked at the priorities of millennials and found that more people in the generation said that they place a higher priority on travel than buying a home or car or paying off debt. The study surveyed 1,000 millennials aged 18 to 35 years old in the US, UK and China about their spending priorities for the next five years. Not surprisingly, the results differed for the millennials in the three countries.
In China, those surveyed placed the highest priority on travel, followed by purchasing a car and then buying a home. In the UK, travel and savings were almost equal, ranking higher than buying a home. Finally, millennials in the US ranked their priority on travel ahead of buying a home but behind savings and investment funds. US millennials ranked their priority on travel equal to that of buying a car.
Overall, travel has grown as a spending priority by 83% in China, 55% in the UK and 56% in the US, based on respondents' answers. Social media had the largest influence on where millennial travelers want to go (75%), followed by getting recommendations from colleagues, tourism websites and news websites in no particular order. And as for what kind of travel millennials want, they much prefer to stay off the beaten path as opposed to going to large cities and major tourist hubs, which could also explain why 75% of respondents said they prefer to create their own itinerary rather than have a professional do it for them. Finally, across respondents from all three countries, food was ranked as the most memorable travel experience ahead of nightlife, history and tourist attractions.
Based on these results, it's safe to say that millennials have been bitten by the travel bug. Hopefully they're earning points and miles along the way.