A high topic of conversation as we see industry trends changing the way we do everything today. The millennial generation being a generation of children born between 1982 and 2002 makes up about 81 million people who will replace our baby-boomers as they retire.
Always connected, highly-mobile millennials are creating new norms for leisure and business travel. With technology leading the way, millennials have learned how to completely plug themselves in; engaging in not so cookie-cutter vacations, sharing their experiences via social media, and exploring the world with a 10k plus following on Instagram. Statistics show that 44% of millennials find their travel inspiration from YouTube videos and 28% from the ever so popular Instagram.
When hitting the road, millennials see themselves as Dora the Explorer, ready for the adventure of a lifetime! With over 200 billion dollars spent annually by millennials, they are surprisingly spending less on each vacation! With weekend trips accounting for nearly half of all millennial vacations, they undoubtedly favor vacation rentals over hotels, cities over beaches and love to finish up a business trip with leisure travel.
Online communities such as HomeAway and Airbnb have been the nesting ground for millennials as they search, plan and book their travel. Millennials already make up 40% of leisure travelers who book online and they don’t think twice about spending the night in a treehouse in the mountains thousands of miles away from home. Millennials are no longer seeking a party-animal atmosphere when traveling, they are looking to fully immerse themselves into new cultures and feasting on local cuisine.
With millennials influencing and strengthening the travel industry, Lexicon Travel Technologies powers the leading distribution platform for independent hotels and vacation rentals. A true example of trend and technology at its finest.
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