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In recent years, the millennial generation (defined as those born roughly between 1982 and 2002) has been blamed for killing a number of industries in cold blood. Scarred by the Great Recession of the late 2000s and early 2010s, Generation Y’s spending habits are quite different than those of previous generations. As a result, those murderous millennials have been found guilty of killing beer, fabric softener, gyms, homeownership and a long list of other industries. Even breakfast cereal hasn’t been spared the millennial’s penny-pinching ways. (Well, who really likes having to wash those cement-like Weetabix remains from the bowl afterwards?)
However, we have to ask: why spend your hard earned cash to work out in a smelly indoor gym when you can get outside and explore our beautiful world through adventure travel? The world is getting smaller and travel is becoming easier, cheaper and safer. In short, things change, and travel is one industry which millennials have shown some mercy towards. Allianz Global Assistance released figures last month that reveal just how millennials are improving travel by driving change and innovation. This occurs as a result of their seeking more memorable experiences with lower budgets and tighter schedules.
Health Benefits of Travel
Prioritizing travel could be one of the smartest things millennials could do. Many studies have found that choosing to spend on experiences, and not material things, makes you happier. Taking vacations is also very important for reducing work-related stress. In January of this year, USA Today reported that millennials today earn 20% less than Baby Boomers did at the same stage of life, while also working longer hours. With their limited time and money, millennials are choosing to spend more on creating memories through life-changing travel experiences than previous generations.
Another observed pattern is the tendency for millennials to seek real adventures that are more meaningful and off the beaten track. According to Millennial Marketing, 69 percent say they crave adventure.
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Studies find that social media is also huge influence on the travel habits of this digital demographic. Instagram and other social platforms are full of wanderlusty content and travel bloggers sharing stories and images from their vacations. Forbes reported earlier this year more than half of millennials report dreaming about vacations while on Facebook.
While many people negatively stereotype millennials as entitled and lazy, maybe this shift in spending habits is simply a side effect of placing more value on those things in life which make us happier. And in the end, isn’t that what it’s all about?