Millennials are traveling more today compared to just a few decades ago, a slew of experts on the subject told The Independent. The reason? It’s likely because many young people know that buying a house someday is out of the question, so they’re choosing to live in the moment and spend their money on travel instead.
Donna Jeavons, sales and marketing director for millennial geared-travel company Contiki told The Independent that the company saw a “10 percent rise in the average spend of clients aged 18 to 35” this year. This might be, she added, because “the urgency for buying a house is no longer there.”
Chris Townson, the managing director of U by Uniworld (which is launching a “millennial cruise” next year) told The Independent that “property ownership is out of reach for many young people at this stage in their lives, so we are seeing more investment in travel and life experiences as a definite trend.”
Jeavons notes that this doesn’t mean Millennials aren’t saving; just that they’re prioritizing their time and expenses differently than generations before them. “Young people are choosing to live in the moment,” Jeavons said. “We’re seeing many millennials investing in experiences over bricks and mortar.”
Part of this shift may also come from more affordable and accessible travel options, Jeavons said, and the fact that it’s “acceptable to go out and see the world before settling down – in fact, it’s very much encouraged as it helps you develop a lot of life and work skills.”
Previous surveys have also pointed to the fact that Millennials may be traveling more because they’re stressed out. That stress, combined with uncertainty about the future, may be urging more Millennials to get out and see the world.
Read more on The Independent.