Budget Conscious but Willing to Spend
All this variety comes at a cost. That probably helps explain why 81% of millennials consider budget a key factor when it comes to travel. But that doesn’t mean that they skimp on travel. It just means they have different priorities. For example, many economists have noted that because millennials were hit hard by the great recession, saving for huge purchases like a house can seem futile—it’s so expensive and so they postpone it. But, dropping several thousand dollars on a great trip to Bali is attainable. So, don’t be afraid to show them your more luxurious offerings; they aren’t afraid to spend.
Brand Loyal or Dollar Loyal?
There’s a fair amount of research that suggests millennials aren’t as brand loyal as other generations. While true to an extent, they like consistency in quality just as much as the next generation. So, if brands can succeed in providing quality, consistent experiences at reasonable prices, they’ll likely be repeat customers. But, don’t forget that they are deal-hunters as well. After all, they use online travel agencies to book travel more than any other site (57%) because OTAs allow them to cross-shop and easily compare prices. And with so much travel, and a craving for so much variety, it’s not surprising that 92% of millennials report looking for the best deals and most value for their dollar when making travel plans.