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WHO IS TRAVELING TODAY?

February 28, 2014

A special post for my travel industry friends. Baby-boomers (people age 50 to 68) still drive much of the travel market. In general they have been hurt less by the recession and still have jobs (they won’t give them up to younger workers because they are putting off retirement in record numbers), so they have more disposable income for travel. But if you focus exclusively on this segment, you will not have a long and successful future. Millennials (18 to 30 year olds) also vacation and they spend more money on business trips. Here are some tidbits from a fascinating research report, “The Future of Travel” released last October by Expedia:

Millennials spend more of their company’s money on high-end meals (42%) than they would their own money compared to those aged 46-65 (26%).

Millennials have more opportunities to order room service than any other age group, because they travel slightly more on business. Worldwide, they travel 4.7 times per year on business, versus 4.2 times per year among 46-65 year-olds.

Millennials take more leisure trips. American and Canadian Millennials travel more frequently than any other age group across any nation. They take 7.8 leisure trips per year. European respondents aged 31-45 take 2.7 leisure trips per year (but their trips are often much longer).

Millennials are more likely to extend a business trip into a personal vacation. Younger Americans and Canadians are more likely to do this (70%), than those aged 31-45 (50%) or 46+ (31%).

Millennials love to complain. They are more likely to post a negative review online about hotels, restaurants, flights, public transportation, taxis, and rental cars. Reviews are considered highly important to Millennials for both business and leisure travel.

Here is a link to the report and more findingsPrint it out and share it at your next marketing staff meeting. Good stuff. 

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