This week, on Mindshare’s Culture Vulture Live, Marisa Skolnick explores new travel trends and insights for Millennials.
The Millennial stereotype has long been that they’re young, wild 20-somethings who want to travel to party. But there’s a much wider range of ages and life stages in this demographic -- including Millennials with families who are settling down.
And it turns out that that group is actually driving travel spend as well. A new study* shows that 43% of Millennial families are planning to take vacations over the next year -- that’s 16% higher than the number of Millennial couples who are doing the same. Millennial families also plan to spend an average of more than $6,000 on vacations during the next 12 months -- a 19% increase over how much they spent last year.
So how do marketers make their play for this age group’s wallet? Our own research at Mindshare has yielded three key takeaways for engaging the millennial traveler:
1) Millennials choose experiences before location. They’re thinking about what they want to do, not just where they want to go.
2) For them, traveling is all about exploring local culture and community – things like meeting new people, trying new food or exploring the local music scene.
3) These experiences are more important than just purchasing material items, because they give life more meaning.
These are all things brands should be thinking about as they make their play for this demographic.
*Source: MMGY Global
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