By Korinna Pia Saavedra
CONSUMERS are an interesting lot and have many a time defined the success of industries influenced by their moods and economic interests.
Needless to say, millennials are a new demographic driving consumerism and many industries are paying attention to what makes them do what they do and choose what they will.
It is also interesting to note their key traits: expect technology to work; very social; love their phones; crave adventure; like sharing ideas; and passionate about values.
Millennials vs Gen X
Millennials are driven by discounts, supersocial and firmly believe that sharing is caring. This is according to Hipmunk, a US-based online travel agent who recently surveyed a total 1,400 Gen Y-ers and Gen X-ers (aged 35 to 54) to find out more about the travel habits of the Gen Y demographic. The survey’s results are published on Stylus, a consumer lifestyle web site.
According to Hipmunk, cash-strapped millennials are willing to sacrifice personal comfort for cheaper travel and that they like to stay connected—even while onboard a flight—compared to Gen X-ers.
At the same time, the survey pointed out how millennials are either “likely” or “very likely” to engage in peer-to-peer activities in support of a sharing economy while traveling, compared to some 42 percent of Gen X. This means that Gen Y-ers are more likely to borrow or share products than purchase them outright.
This said, the survey sample also pointed out that 93.5 percent of millennials have passports, compared to the rest of their peers, and 56.9 percent of them expect to travel, or have already traveled, about three times this year (compared to Gen X-ers, at 52.7 percent).
Traveling abroad to volunteer
Demographically, millennials are also more likely to engage in travel to volunteer more than any other age group, according to a new survey by Marriott Rewards Credit Card. Its report stated that 32 percent of Millennials are interested in taking a charitable trip, while only two in 10 Generation X travelers (18 percent) and baby boomers (17 percent) are interested to do so. Conversely, female travelers (28 percent), regardless of age, tend be more interested in taking a charitable vacation compared to their male counterparts (17 percent).
The nationwide phone survey commissioned reached 1,000 travelers (18 to 67 years old) who stay in a hotel at least five nights per year for business, pleasure or both. Incidentally, the report surfaced other interesting findings.
Millennial travelers ages 18 to 34 (44 percent) are more likely than travelers ages 35 to 49 (33 percent) and 50 to 67 (27 percent) to view destinations as hot spots if they have a booming industry and culture. Older travelers ages 50 to 67 (34 percent) are most likely to define a destination as a hot spot if it was highlighted in a notable travel or lifestyle publication.
One in five millennials (20 percent) would say a destination is a hot spot if it has recently been featured in a movie, compared to only 11 percent of Gen X-ers and 7 percent of boomers.
Around the same amount of Millennials (21 percent) and travelers ages 35 to 49 (20 percent) say a destination is a hot spot if pop-culture events, such as award shows or concerts, have taken place or will take place there, compared to one in 10 travelers ages 50 to 67 (10 percent).
At the same time, Millennial travelers are far more interested in thrilling vacations (78 percent) than lazy trips (32 percent), with those millennials seeking a thrilling vacation being most interested in filling their adrenaline needs through water sports (67 percent), compared to travelers ages 35 to 49 (55 percent), or aged 50 to 67 (46 percent). They may also wish to interact with wild animals through activities like safaris or swimming with sharks (63 percent).
Asian Millennial travelers: Blazing a travel wave
Travel Weekly Asia recently reported that about 60 percent of the world’s millennials, that awe-inspiring demographic, are in Asia. This, even while they have culturally defined differences based on their countries of origin and individual motivations for travel.
For instance, a study commissioned by the Singapore Tourism Board found that as many as 64 percent of Asian millennial travelers opt for free and easy, or wholly independent, travel arrangements on their last leisure trip, with only 22 percent choosing package tours.
Also, a majority of Asian Millennial travelers are from China, Indonesia, India and Singapore. Chinese millennial travelers hit the road as a means to indulge and escape from city life, while Indonesian Millennial travelers are budget-conscious, are encouraged by cheap promotions, and tend to travel on impulse and stick to the region. Indian Millennial travelers seek iconic cities and popular destinations, viewing travel as a status symbol and claim that their biggest expenditure during trips is on food. On the other hand, Singapore millennial travelers value experiential travel, seeking unique and rare encounters and investing time in the planning of elaborate itineraries drawn from variable sources.
Investing in the individual, not the demographic
Perhaps, one of the best insights derived thus far in this search for demographic insight comes from Forbes.com’s Micah Solomon, who said that this customer is an individual first and a Millennial second.
It would be wise to consider that learning about the demographic requires that businesses and industries also consider how this consumer is an individual with particular and unique individual tastes and choices first, and this being before considering them as being anything else related to their demographic.