Millennial Travel: Are We Even Thinking Long-Term?

One of the most hotly-discussed and colorfully-plastered, terms in recent times, Millennials are people who are in their 20s and 30s right now.  Otherwise known as Generation Y, Millennials are actually the worst defined generation. While the term Gen Y usually refers to those born between the early 1980s and the mid-1990s (1981 – 1996 according to the Pew Research Center) many use it to refer to those born all the way up to 2000.

This generation is characterized by an increase in use and familiarity with media and with technology and was raised in a more liberal political and economic world than before leading to increased equality, self-expression, and a sense of optimism and humor that seems to survive everything that is thrown at us.

Also Read: Who Are Millennials, And WHAT DO THEY WANT?

According to an Airbnb report, Travel is deeply important to millennials. So much so, that they think it is core to their identity. Most millennials would prioritize travel over buying a home or paying off debt. More millennials also said they set aside money to fund their travel plans than paying off debt, purchasing a car, or purchasing a home.

The said report notes, Over 70% of millennials surveyed in each country said “travel is an important part of who I am as a person,” and over 65% of millennials said that “regular travel is an important part of my life.”

What do Millennials aspire for?

The report notes that the Millennials “are looking for something new when they travel – more adventurous, local and personal. Over 80% of millennials seek unique travel experiences and say that the best way to learn about a place is to live like the locals do.”

They would want to stay in ‘cool local places’, instead of being closer to common tourist destinations. They wish to have an active vacation that involves exploration rather than decompressing on a vacation. Millennials would like to look for new places to eat; they wouldn’t mind traveling by themselves (because it’s easier to meet locals that way). They feel that experiencing new things and new places require meeting lots of people and it is much better than getting souvenirs. This generation aims for an adventure: by discovering hidden local places than visiting major tourist attractions, by experiencing local hot spots than learning about the history of their destinations and by creating their own itinerary than relying on a package tour.

With our incurring debt because of our spontaneous traveling, the question arises when will we plan our retirement? Or are we even thinking about retiring, estate planning? Kids? Family? Are these even pressing matters for Millennials? Or are we too engrossed in planning our next vacay (with our short-term style thinking), that we have forgotten about it all?

Millennials and Responsibilities

While in 2019, the average millennial (ages 21 to 37) plans on taking roughly five trips throughout the year, three of which are expected to be international (according to AARP’s 2019 Travel Trends report), one cannot deny this same travel-obsessed generation is currently experiencing a reversal of fortune. With stagnant wages, coupled with soaring rents, student debt, and the constant threat of job stability has left many millennials feeling pessimistic about their future, and eager to live in the moment.

But along with that, personal finance expert Rubina Ahmed-Haq believes that even Millennials will not remain irresponsible for long. She believes that this overspending or traveling like nothing else matters is a kind of thinking which is usually seen during the 20s and early 30s. This generation will smarten up once when they have kids and they will realize what responsibility is. But the question arises, are Millennials even planning in that direction? Or are Millennials not responsible? Despite polls around over-spending, millennials are planning trips responsibly, reports CNBC.

Also Read: Millennials Are Taking More And More Travel Loans Driving The Indian Tourism Industry To Steady Growth

Are they given a choice to think about saving, investing in real estate or family? Or are boomers, imposing their own views and concepts on Gen Y? Because by entirely focusing on travelling, millennials are in a way questioning the concept of society itself, isn’t it? By not following the age-old customs of forming a family when they reach a certain age or by not ‘settling down’.

It’s the same with a lot of couples (influencing along with their significant others) who are travelling together, have now not only turned themselves into brands but have also made collaborative brands. Therefore, the question arises if this generation is even thinking of long-term? Are we as a generation planning in the direction of kids, retirement, estate planning or have we accepted our doomed fate that we might die anyway, so might as well go out with a BANG?

So, what are your views about Millennials and their Travel Trends? Let us know in the comments below!