Cracking the Millennial Travel Mindset: Surprising Insights on Attitudes and Behaviors
August 04 2016 - 12:00PM
Business Wire
Mirroring Boomer Counterparts, 89% of
Millennials Report Value of ‘High-Touch’ Personal Service
As the largest demographic since the boomers, Millennials are
influencing the travel industry. According to new data released
from The American Express Future of Travel and the American Express
Spending & Saving Tracker, Millennials are more optimistic and
plan to travel more frequently (52.8% Millennials vs. 32.1%
Boomers) in the next five years and spend more on travel than
boomers (58% Millennials vs. 41.3% Boomers) in the same timeframe.
There are similarities too. The survey data shows both Millennials
and more mature demographics share an appreciation of high-touch,
human interactions, with 89% of Millennials reporting that the
value of personal service cannot be replaced.
“One thing is clear, people, regardless of their age and the
cost of travel, place a high value on personalized service in their
travel experience," said Claire Bennett, Executive Vice
President, American Express Travel, while speaking July 26 at
#NoFilter: Millennial Perception vs. Reality, the first American
Express Travel Salon, a series of conversations the company plans
to host relevant to the travel industry.
The Salon, which featured a panel moderated by Bennett, was
designed to discuss and debunk the myths surrounding Millennials
and travel.
Here are four travel topics and corresponding data presented at
the Salon that appear to discredit accepted millennial myths:
Opting Out of Traditional Travel Help
The most notorious myth: Millennials won’t use a travel agent.
Yet, Millennials give travel agents an “A,” with 92.4% of those who
have used a travel agent in the past five years reporting it
enhanced their travel experience. Additionally, nearly 60% of
Millennials agree they would pay more for an agent’s expertise.
“Led by Millennials, travelers are beginning to articulate a vision
of high-touch and high-tech service and the industry is watching,”
Bennett said.
The Apple Doesn’t Fall Far from the Tree
There’s an assumption that Millennials have different travel
needs than their parents, but in many cases, the data suggests that
they may be more similar than they like to admit. In fact,
according to American Express Travel, 76.3% of Millennials say they
prefer to stay in a traditional hotel, nearly equal to boomers, and
both agree (46% equally) that enhanced in-room technology is the
most appealing hotel trend.
Customization and Cost
There’s a dichotomy when it comes to Millennials’ travel
planning habits. On one hand, the data shows that customization is
king, with nearly 70% of Millennials saying they would put in the
effort to plan a personalized travel experience vs. purchasing a
pre-packaged trip, yet 58.7% of Millennials report that they would
choose a package if it were less expensive. Price was not the only
consideration when it came to customization. By more than 25
percentage points when compared to Boomers, Millennials surveyed
shared they would be willing to let brands use data from their past
travel purchases to deliver a more personalized experience.
If They Don’t Document, Did it Happen?
While three-quarters of Millennials claim to prefer to live in
the moment while traveling and not view experiences through the
lens of their phone, the fact is the pressure to post on social
media for this group is real. More than half (54.9%) feel that it
is their responsibility to post reviews for the benefit of other
travelers and more than a quarter (25.8%) feel they spend too much
time on social media while traveling. “Previous generations simply
did not face this situation,” Bennett said. “It is a constant
push-pull between connection and taking the time to be
present.”
About The American Express Future of Travel Study
The American Express Future of Travel study was completed online
by 1,007 U.S. consumers who have traveled for leisure at least
twice in the past 5 years. The study was conducted by The Futures
Company between May 26 and June 3, 2015 and the results reported in
this release have an overall margin of error of +/- 3.1 at the 95
percent level of confidence.
About the American Express Spending & Saving
Tracker
The American Express Spending & Saving Tracker research was
completed online among a random sample of 2,000 adults, including
the general U.S. population, as well as an affluent demographic
defined by a minimum annual household income of $100,000.
Interviewing was conducted by Ebiquity between April 28 and May 4,
2016. The overall margin of error is +/- 2.5 percentage points at
the 95 percent level of confidence; the results have a margin of
error of +/- 2.4 among summer travelers and +/- 3.3 for
millennials.
About American Express
American Express is a global services company, providing
customers with access to products, insights and experiences that
enrich lives and build business success. Learn more
at americanexpress.com and connect with us
on facebook.com/americanexpress,
foursquare.com/americanexpress, linkedin.com/company/american-express,
twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, Plenti
rewards program, travel services, gift cards, prepaid cards,
merchant services, corporate card, business travel and
corporate responsibility.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160804005982/en/
Elizabeth CrostaElizabeth.crosta@aexp.com212-640-6557
American Express (NYSE:AXP)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Express (NYSE:AXP)
Historical Stock Chart
From Apr 2023 to Apr 2024