Making up 20% of world’s 940 million tourists, and generating $165 Billion USD annually to the travel industry, millennials are an exciting demographic that are changing the way that the travel and tourism industries conduct their business. In 2013 millennials comprised roughly one third of the total US population and by the year 2025 are expected to make up 75% of the global workforce (Deloitte Global). The UN World Tourism Organisation estimates that by the year 2020 millennials will be taking an average 320 million international trips per year, up 47% from 217 million in 2013. As the number of international trips taken by millennials continues to rise it is becoming increasingly important to ensure your company is aligned to meet the needs of the millennial consumer.
Millennials are looking to enrich their lives through cultural travel, with 75% of millennials looking for travel experiences where they can learn something new. 66% of millennials believe travel to be a very important part of their life and are a generation that are researching, booking, and reviewing online their travel and experiences. Millennials are a social demographic with 57% interested in meeting new people on their travels, 44% turning to social media to seek reviews and advice for travel, and 73% admitting that they post to social media at least once a day while travelling (Chase Card Services).
As the millennial demographic continues to grow it is increasingly noticeable just how important travel and tourism is to this generation. With millennials about to dominate the global workforce is it now time to understand this demographic better.