Every year, thousands of young Americans flock to destination spots for a week of vacation during spring break. This year, 53% of millennials plan to travel for spring break. In the 90’s and 00’s, this typically meant a booze package in Florida or Mexico, but millennial consumers are veering away from the standard party vacation. We took a look at where they’re headed, and how much they’ll be spending.
SPEND Travel is always a good gauge on the state of the economy, and all segments of the travel market have grown significantly over the last year, with millennials representing the largest and fastest-growing. The typical millennial will spend an average of $369 on spring break travel and stay an additional two days longer (19 vs. 17) this spring break compared to last year.
DESTINATION While domestic locales like Orlando, Chicago and Los Angeles are still popular, booking data from CheapOair shows that millennials are getting more adventurous this year, and traveling overseas. The percentage of international travel for millennials during March and April has increased by 12% in international bookings since 2016. While US millennials are still traveling to international spring break hot spots like Mexico and Jamaica, Thailand is the top destination in 2018, followed by Tokyo and London.
EXPERIENCE That millennials are venturing out to exotic destinations isn’t surprising. According to a study conducted by Harris Group, 78% of millennials prefer to spend more money on a desirable experience than material items. They are looking for unique experiences and see the value in travel. The travel industry is eager to gain millennials’ business, and have tried to pinpoint exactly what they’re looking for out of a vacation. STA Travel’s recent research found that this group is looking for adventure, with mountain trekking the number one trip style sought, followed by sailing trips and wildlife safaris.
SPONTANEITY Millennials’ travel habits are different from other travelers. According to TravelInsurance.com, millennials book their vacation more last-minute than older travelers, and purchase their tickets 70 days before they leave, compared to 110 for all travelers. While they may be spontaneous, they are also responsible—they are more likely to purchase travel insurance than Gen Xers or Baby Boomers.
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