Travel-related brands face a conundrum.
Gen X’ers and Boomers remain prime prospects due to their relatively high levels of discretionary income. But with the oldest Millennials now nearing 40 and beginning to accumulate wealth, it’s imperative for travel brands to be relevant to the next generation of consumers.
A good starting point? Get to know the Millennial business traveler. Consisting of 6.7M Millennials in 2018, this segment is sizable and promising. We've collected demographic and lifestyle data that provides clues as to how travel brands might forge deeper connections with this increasingly important set of consumers.
Millennial business travelers have a high Household Income.
They have the means to spend on brands that align with their values.
- The Millennial business traveler's average Household Income is $117.1K—44% higher than the national average.1
Business travel is more than just a job requirement. It’s a way of life.
Millennials love new experiences, and traveling for business is a means of living the lifestyle they desire.
- 65% of Millennial business travelers see business travel as a status symbol.2
- Over 50% love to travel for business, and "53% will even create reasons to travel for work to get out on the road."2
Millennial Business Travelers have a high affinity for vacation and leisure travel.
Always on the move, Millennial business travelers are willing and eager to explore new places on their own time.
- Millennial business travelers are 30% more likely to take a domestic vacation in the US than the general Millennial population.1
- They are 70% more likely to take a foreign vacation than the general Millennial population.1
- 11% of Millennial business travelers took a trip for business and vacation.1
- 59% of Millennial business travelers say they've regretted not extending a previous trip to explore a destination or city more thoroughly.2
- 54% want to extend business trips for leisure but are hesitant to ask their boss.2
People look to them for travel advice.
- Millennial business travelers are 60% more likely to have friends and family ask and trust their advice about vacation travel.1
Just like most Millennials, they’re eager to share on social media.
This group of Millennials follow the generational mold in their desire to “live life on display.” They take pride in curating experiences and things that align with their style and lifestyle, and share it all digitally.
- Millennial business travelers are 23% more likely to keep their social profiles updated with the latest info and life experiences.1
They’re bullish about their personal finances for the next year.
That makes them more likely to spend on experiences and brands that help them indulge their passion for exploration.
- Compared to the average consumer, Millennial business travelers are 40% more likely to agree that they will be “better” financially in the next 12 months.1
- Millennial business travelers spent an average of 53% more than the general Millennial population on domestic trips in the last 12 months.1
- They spent 115% more than the average Millennial on foreign trips in the last 12 months.1
- Compared to the general Millennial population, they are 18% more likely to take a domestic vacation in the next 12 months.1
- Compared to the general Millennial population, they are 22% more likely to take a foreign vacation in the next 12 months.1
Interested in learning more about how to pinpoint your best audience? Reach Melisa Mackevicius-Leonard at 414-270-8323 or firstname.lastname@example.org