Today, we share more insight from Allianz Global Assistance‘s 2017 Vacation Confidence Index: Millennials, despite earning less than their elders and using fewer vacation days, are changing the travel industry in serious and tangible ways.
This is not groundbreaking stuff, but the numbers Allianz has collected go a long way toward quantifying the effect of millennial habits and preferences. First, here’s how they (defined as people in the 18-34 age range) earn, spend and travel these days as compared with older groups:
As we’ve written about in the past, millennials are more likely to put their travel money and time into sharing economy services. This year’s data shows that millennials identified themselves as 18% more trusting and 27% more likely to use these services as compared with the average American traveler.
The likes of Airbnb, HomeAway, Uber, Lyft, and so many others see how things are trending, as do companies across the board. The customer service needs of the American travel are transforming rapidly behind the sensibilities of millennials, as seen below:
As written here, millennial interest in the future of travel—defined by advancements/projects like the hyperloop, self-driving cars, space travel, etc.—also supersedes that of older Americans. More on that below:
“By surveying millennials about their travel plans, we’ve captured a glimpse of what the future of travel may look like for all of us,” said Daniel Durazo, director of communications at Allianz Global Assistance USA. “While millennials are more open-minded than other age groups about new developments – like the sharing economy and future travel methods – they also spend less and take fewer vacation days. How travel brands address these habits will make a significant impact on the travel industry as a whole.”
Disclaimer: Johnny Jet works as an ambassador for Allianz Global Assistance (AGA Service Company) and receives financial compensation.
For more information about Allianz Global, visit AllianzTravelInsurance.com.