The author's "Millennial Traveler Insights", report provides insight into understanding the motivations and behaviors of millennial tourists. It offers profile and demographic preferences of millennial travelers. The report shades light into future prospects and provides actionable insights.
Globally, millennial travelers constitute around one-fifth of international tourists and generated annual tourism revenue of US$180 billion in 2016, grew at a CAGR of 30% during 2007-2016. About three-fifths of the world’s millennials are from Asia and out of this cohort, 33% are from India or China. In the US, the world's second-largest source market for international travel, millennials account for more than 50% of the total workforce.
- Millennials are tech-centric, and digital technology profoundly influences them. Millennials prefer to live in a connected world filled with digital media because it is convenient, secure, user-friendly and cheaper, and when it comes to travel, digital technology plays the most significant role.
- 55% of millennial travelers were keen to extend their business trip in the interests of a leisure trip. The growing proportion of millennials in workforce will continue to support the growth of bleisure trips.
- Millennial travelers are a lucrative segment of because of their spending potential. Companies need to influence millennials’ perceptions and connect them with their brands by understanding their particular travel habits and preferences.
- Based on their travel experiences, the majority of millennials promote their brand preferences on behalf of brands by sharing on social media or through peer reviews.
- Having grown up in the internet era, social media and smartphone use helps millennial travelers access readily available online resources, making them more self-empowered and helping them to better understand and experience a country’s authentic culture.
- Take strategic business decisions by understanding the motivations and behaviors of millennial tourists
- Gain strategic insights on the millennial travelers market
- The report gives the reader a clear understanding and actionable insight into where there are future opportunities.
2. Key Market Trends
3. Challenges and Opportunities
4. Key Markets
5. Characteristics and Behavior of Millennial Travelers
6. What is Needed to Attract Millennial Travelers?
Terminology and definitions