78% of the millennial generation prefers to spend their money on intangible “experiences” than on tangible “things”. In this aspect, it is very different from the previous generations, since millennials prefer to live and consume memorable moments before material things, which in the economic field is known as the Experience economy.
“Go to a place where I’ve never been and try something new” is one of the most quoted phrases among the five most used when planning your trips (TripAdvisor, 2016). The list of TOP 10 tourist attractions, buildings and ancient churches are no longer relevant. What they are looking for are specific experiences, such as concerts, music festivals, best of several days, artistic and cultural events, highlighting the culinary.
The data collected by Eventbrite about the US millennial market confirms this trend. More than 8 out of 10 millennials (82%) attend or participate in live experiences, such as parties, concerts, festivals, performing arts and theme sports. As a result, “experience” and “tour” products have already become a growing trend in many travel companies. 135 billion dollars is the current value of tours and activities and 183 billion are expected by 2020.
Feel like a local
One of the key priorities of millennials when they travel is to feel in the role of a local. They want to go where the locals go and do what they do. They search for maximum authenticity. They prefer to live in bungalows or in a house of a local than reserve a hotel. They substitute touristic transfers by cycling, using public transport or sharing a car. They take advantage of opportunities to sign up for a visit organized by a local person and to practice local languages. This style of travel allows them to obtain the “feeling of living as a local in a certain place”, which is an essential part of the experience.
Another way to connect with the local culture is through gastronomy. 98% of millennials rated “eating local food” as something that was very important when they traveled. In fact, 37% of millennials avoid “junk” food when they travel. They want to learn about local products, know the entire value chain and have direct contact with the chefs.
By nature, they are Instagrammers
The third characteristic of millennials is they are great fans of photography. They take for granted that a picture is worth a thousand words. This is why Instagram is the platform where they resort to create the storytelling of their trips and share, without hesitation, their most memorable moments.
Concluding, millennials are a flow of people with high creative potential. Their values go far beyond digital. They are travelers with diverse cultural interests who seek to discover new places and, through their experiences, learn new cultures and in this way appreciate more the world that surrounds them.