I know what you’re thinking: “another article about millennials.” But since this generation is about to become the largest living adult group in the country, brands need to pay attention to the trends they’re creating as consumers. In 2017, over 514 million business trips were taken, with spending reaching $424 billion. Younger business travelers are increasing, and frequent travelers are now more likely to be under 45. By 2020, millennials are expected to represent more than half of business travelers. Today, we’ll explore how millennials, along with the $1.3 trillion they can spend, are influencing the business travel sector.
BUSINESS OR PLEASURE?
Eighty-one percent of millennial business travelers believe that “business travel positively affects their job satisfaction,” compared to just twenty-six percent of baby boomers who enjoy traveling for work. The rise of “bleisure” might explain millennials’ eagerness to travel. Bleisure refers to a new kind of business traveler who combines leisure activities with their work trips. Eighty percent of millennials are likely to extend their business trips to add a few vacation days, compared to fifty-six percent of GenXers and forty-six percent of baby boomers. So, what do they do during their bleisure time? The top three activities are sightseeing, dining, and enjoying arts and culture.
EXPERIENCE OVER CONVENIENCE
While companies used to have very rigid guidelines for employee travel, millennials are pushing back and asking for a budget. From there, they can decide which airline to fly, and where they’ll stay. While baby boomer business travelers may have had their one hotel chain or airline they frequented in hopes of racking up loyalty points, millennials are more focused on the best experience and value. They don’t mind eschewing points for an Airbnb in a cool area. They’re also more likely to save in other ways as well. They’re more likely to spend less on transportation, due to their use of ridesharing apps like Uber or Lyft, which can be cheaper alternatives to rental cars or taxis.
TECHNOLOGY
While millennials enjoy the perks that come with technology advances, such as the option to work remotely, they still prefer face-to-face meeting to get business deals done, according to a report by GBTA Business Traveler. This means that business travel will continue to be important for the millennial employee. Additionally, millennials rely on technology for the entire travel booking process—from searching online reviews, to mobile booking and online check-in, to researching restaurants and activities. Millennials are forging new norms for the travel industry. By embracing technology and innovation, brands can attract this intriguing generation of consumers.
QuestionPro Audience provides our clients with access to more than 22 million active respondents, including frequent travelers, who are strategically recruited to participate in quantitative research and live discussions. By implementing various recruitment methodologies, we make sure to provide the right kinds of respondents for your research. With industry knowledge and innovative tools, QuestionPro Audience always meets the rigorous demands of our clients.