Millennials are giving up trying to get on the property ladder and are getting on trains, boats and planes instead. According to Contiki, the travel firm it has seen a 10% increase in spending on travel among millennials. Its sales and marketing director, Donna Jeavons, thinks the extra spending power is due to ‘younger people’s realisations that they have no chance of saving for a house any time soon’.
She went on to say “young people are choosing to live in the moment – we’re seeing many millennials investing in experiences over bricks and mortar”.
Other travel companies have spotted the same trend. U by Uniworld, has just launched its first ‘millennial cruise’ aimed specifically at the 18 to 35 age group range. Its managing director Chris Townson told the Independent newspaper recently 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”.
Staying in the cruise market, Richard Branson has also announced the launch of Virgin Voyages, an ‘adults-only, experience-focused’ cruise line, although his won’t debut until 2020.
Hotel group Marriott was probably the first to spot this trend, with the launch of its Moxy hotel brand in 2015. The rooms don’t have telephones, desks or cupboards, but do score highly on connectivity and Instagrammable interiors (which probably tells you everything you need to know about Millennials’ order of priorities).
And more recently, (last week in fact) Air France launched a new lifestyle-focused airline called Joon. The new airline’s name is a play on “jeune” which is French for young and and the in-flight catering includes organic quinoa salad and baobab juice.
Naturally, we wish them well although we suspect building societies and estate agents won’t.