Young people are traveling more and spending more, and it's having a major impact on local economies around the world. Businesses who offer localization services can capitalize on this growing trend and target the lucrative millennial market, which brims with travel-hungry 18-to-35-year-olds. But why are millennials traveling more? Here are just some of the reasons.
Millennials Have Spending Power
Fewer millennials are saving cash for retirement or a new home compared to other generations in the past. This demographic wants to spend money on lifestyle experiences instead, and travel is at the top of their list. Eighty-one percent of young people are more likely to splurge on travel than save for the long term.
"Being born into a post-9/11 recession climate, millennials are rewriting the script of traditional life order: go to college, work a 9-to-5 job, get married, have children and retire," says Forbes magazine.
When it comes to travel, millennials have more spending power than other age groups. This demographic spent, on average, $4,594 on travel in the past 12 months -- that's about $1,300 on each vacation.
Millennials Crave New Experiences
Millennials are unlikely to hop on a city bus tour or ride a cruise ship. This age group wants unique travel experiences -- customized vacations that go beyond the five-star resorts and off the beaten track. Tulum in Mexico, Positano in Italy, the islands of Greece -- these are the top travel destinations for millennials in 2018. There's no Paris or Walt Disney World on this list.
"Millennials may love to take selfies, but they want their vacations to be more than just an endless string of photo opportunities," says Rezdy.com. "Millennials are more likely to book a trip that allows them to be outdoors and experience something new, such as an informative tour or an immersive activity."
Millennials Find the Best Vacation Deals
Internet-savvy millennials are quick to find the best vacation deals online. They scour flight comparison websites. They download the latest travel booking apps. They search social media for the hottest discounts. Travel agents? They are a thing of the past.
Young people are more likely to find the best vacation deals. As a result, they have more cash to spend on travel. Millennials also save money by staying in hostels instead of hotels and choosing low-cost airlines.
Social Media Exposes Millennials to More Travel Destinations
Baby boomers want to visit age-old travel destinations like Hawaii, France, and the United Kingdom, according to one study. Millennials, on the other hand, want to visit places they won't find in a travel brochure. Bolivia, Laos, North Korea -- millennials seek out far-flung destinations and secretive nation states.
How do millennials find out about these unique travel experiences? Social media, of course. Websites like Facebook and Instagram expose young people to more travel destinations than other age groups: Ninety-seven percent of millennials use social media on their travels, and 75 percent post at least once per day.
Millennials have money to spend, want new experiences and love to share their vacations on social media. Now, local businesses can target foreign travelers with professional translation services. They can update their website and social media pages in multiple languages and reach millennials around the world.
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