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Published on : Thursday, December 17, 2015
The global travel and tourism industry is shifting its gears to target the millennial travelers. Although, the projected number of millennial travelers in the world is surpassing 84 million, the spending habits and the spending potential of the millennials remains a point of debate. By 2030, millennials are going to out number boomers by 22 million, but will they spend enough to boost the tourism economy?
In a recent market watch survey done on individuals within the age group of 18 to 34, it is observed that 50% of them have savings less than $1000. The report depicts that these travelers hardly have a cushion to support a case of emergency. The report findings show that 18% of the millennials do enjoy a savings above $1000 but below $5000.
It is quite imperative to understand the basic savings behavior of Americans. Reports suggest that almost 62% of all Americans have a savings less than $1000. Thus the young millennials are more or less on par with the poor saving habits of the Americans while the older millennials are doing fairly better in terms of savings.
With a keen knack for technology and an early exposure to mobile devices, the millennials tend to spend their money after a lot of research. It is observed that in the last 12 months, 21% of the millennials went to a theme park trip while 12% took a cruise holiday. Gambling destinations and spa escapades follows with 9% and 8% respectively.
With a strict budget and low savings, this young bunch of travelers are believed to have limited spending capacity although their numbers are growing every day. Compared to the baby boomers and the Xers, the millennials are considered less spending travelers according to experts!