Future trends of Millenials (Socio 3)

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As we know Millenials are the people who were born between the early 1980 till 2000, those who are the Generation Y are now a essential type of clients which the companies consider around of to shape their methodology of work. 

First of all we would like to share some datas we found interesting, the first is from the article ‘Millennials Travel Trends: A look at the largest generations habits’, made by Marketing Inc’s: 

87% look to Facebook for travel inspiration

46% book travel through a smarthphone or tablet

85% check multiple sites before booking to get the best deal possible.

60% will upgrade their experience by purchasing extras like in-flight wi-fi. 

97% will post their experiences on social media.

49% take last minute vacations

Otherwise, David Tal is a publisher in Quantum Run, and he has written an article called ‘Millennials' financial future and their economic impact’, which explains about the economic status of Millennials. We see that Generation Y is the most high educated generation and it's the ones who expend more money in leisure, but also are the most preoccupied about their finances, this fact make a pressure to this generation to adopt some differents ways of living and how they spend their money. The difficulty for Millennials is to get into adulthood having to afford high prices for the tradicional acquisitions like buying a house or a car, which this generation prefers to rent a room/house or use the new apps like Uber and Cabify. 

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Another important point we can see shown by Sarah Clark in her blog with the update called ‘Ways Millennials Are Changing The Face Of Travel. Sarah explains this generation will give a lot of benefits to those companies which invert in their segment, by 2020 the stadiatics predict the Millennials are going to spend $1.4 trillion on travel by year, which makes the Generation Y the one willing to spend more money in their trips than any other generation.

Always looking to enjoy the maximums of a trip, appears the ‘bleisure’ travel, concept from business and leisure, when the worker have the possibility to travel with a work objective but also making the most to get to know the destination. It's a very characteristic aspect of Millennials considering their goal to always approach the experience of being in a different destination and also the desire to reach a job where there's more opportunities to travel. The datas from Expedia shows ‘the employees under 30 are travelling 4.7 times per year on business, and employees older than 30 just 3.6 times’, and the 62% will try to extend their business trip to have plus time to enjoy cultural experiences. 

After considering all this initial research, we can conclude saying the Millennials are starting and will continue growing as a profitable segment of tourist for the tourism companies, they are willing to spend more amount of money on leisure given they prefer to address their finances in immaterial experiences and to sum cultural knowledge than long-term products such as buying a house, the purpose is no longer to owner a traditional life and to have stability. But this also jeopardize the housing market or the vehicle industries, because the production wouldn't endure bigger than is now and this economic sector may suffer a level off in benefits. 

Generation Y are directly looking to live independently and to maintain a active social life, they like to sum experiencies and to share it with the world, technology plays a important role in their lifestyle, every decision or thought is given or posted in Internet; type of destination, way of traveling, prices, places to visit and innovative  experiences, all the trip details are constantly in touch via online. Companies like AirBnb knows that and cleverly use it to attract more clients, always updating new offers and making it desirable for the tourist’s eyes. 

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Furthermore, Millennials wants to be closer as possible to the real and traditional culture of a destination, and also wants affordable stayings with more social possibilities, such a hostels or rent rooms. The companies which take advantage of this generating interest of low-cost travelling, adding cultural knowledge and using technology for information, will be reaching the top of the market.