The travel industry is on its way to hitting an all-time high and apparently, Millennials are responsible. Experts have found that Millennials have hit an average annual spending of $200 billion on travel and tourism, the largest average the travel industry has ever seen.
Millennials, identified as the generation that hit early adulthood in the 2000s, have been identified as the generation that has invested the most money in travel. Furthermore, the generation has been known to impart in travel luxuries such as the use of large travel agencies, attending big events, and staying in starred accommodations.
In a report by Forbes, it is mentioned that Millennials find travelling as an entitled privilege, noting that members of the generation are known to fully utilize vacation days. In addition, the Millennial mindset has spread to members of other generations such as people born in the 60's and 70's.
In fact, the importance of travelling to members of the generation has reached a point where it has taken over the top slots in the list of priorities. As stated by Yahoo, a White House report from two years ago showed that US Millennials are more likely to travel than to own their own homes.
In a similar UK report, it was found that travel is given more importance than the paying of student loans and other debts. Polls have proven that over seventy percent of Millennials identify travel as an integral part of their personal lives.
Millennial travel practices are keen on experiencing the full local experience, opting for authentic cuisine and local-loved activities in obscure locations. These practices are also focused on exploration and discover with added emphasis on learning from each adventure.
Travel Pulse has also confirmed that the Millennial mindset and thirst for knowledge is reflected in the extent of pre-travel research. The website has stated that travelers will research an average of ten different sources before finalizing travel plans.
This rising travel trend is seen to be highly advantageous to the world's economy, particularly to countries that are highly dependent on travel and tourism. With more Millennials investing into the travel industry, the world is expected to see great increases in countries' GDPs over the next decade.
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