Millennials Plan to Spend More on Luxury Travel in 2021
It’s safe to say that people are going to be traveling a lot more this year. Mostly because it’s tough to travel any less than 2020. But Millennials aren’t just doing just any type of vacationing. According to a new survey, our age group will be living it up “luxury” style.
Confidence in travel is just starting to return to all generations but the new study found high-income Millennials are by far the most likely to spend big on travel this year. Did someone say ‘Fyre Fest Part 2? Millennials earning above $50,000 are the most eager to fly and it’s their “strong desire for self-care and relaxation” that has them eager to hop on a plane.
Now you may be asking what exactly “luxury” means. According to the survey, any vacation over $5,000 is considered a luxurious trip and more than a third of high-income Millennials are planning to spend that and then some.
And here’s some good news for everyone hoping to book their vacation before all these bougie Millennials scoop everything up. Only 38% of people saying they plan to spend more than $5K on their next trip have actually planned said vacation. So there’s still time to get an Airbnb before the mad dash!