Millennials Plan to Spend More on Luxury Travel in 2021
According to a recent study by Tripadvisor® Millennials plan to spend more money on luxury travel this next year.
The findings were revealed Monday in a new report that shares insights into U.S. travelers’ plans for the year ahead. The report, entitled The Future of Travel, found that confidence to travel appears to be returning among all age groups. Notably, it is the high-income Millennial demographic that is most likely to spend big on travel this year. A majority have already booking luxury trips – thanks to a strong desire for self-care and relaxation.
Willingness To Travel:
- Consumer confidence is returning to the travel industry. 61% of people who didn’t travel in 2020 said they felt comfortable traveling this year.
- Of those who traveled in 2020 41% have already booked a trip for this year.
- 34% of respondents earning over $100,000 already have a trip planned while just 19% of those who make less do.
Flying is On the Rise:
- 54% of all U.S. respondents earning more than $50,000 are considering domestic air travel for their next trip.
- 25% of those earning $100,000 or more are considering flying abroad for their next trip.
- Millennials earning above $50,000 are the most eager to fly. Three out of five of those surveyed are considering domestic air travel. This is compared to 41% among other age groups.
- 25% of millennials are considering international air travel.
- Those who have already booked a trip are five times more likely to be taking an international trip.
Beaches Win In Popularity With Cities Gaining Momentum
- The beach remains the number-one choice for most age and income segments planning their next trip. 30% of people have selected a beach vacation as their next destination.
- Nevertheless, there is a renewed interest in the cities as a vacation option for travelers. 25% say city destinations are the preferred option for their next trip.
- Younger travelers are much more likely to choose city destinations over nature experiences aside from the beach.
I know I have joked several times that I fantasize about going through airport security these days. And it’s not really a lie. While I did take some driving distance weekend trips the past year I can’t wait for a full-blown vacation.