Millenials. Not since the BabyBoom generation has an age bracket so clearly disrupted consumer norms. They are connected, independent, and seemingly borderless. By 2020, they will account for over 50% of the workforce and they are bringing demands with them that extend to travel management.
As these demands are realized, those in the travel sector are racing to meet their unique needs and interests, and in recognition of the following points:
They are truly digital citizens.
As of 2016, over 40% of Millenials are using the smartphones to make travel-related purchases, while 96% are using their smartphones while in destinations. Compare this to 12% and 64% respectively for those over 45.
They also use 3rd party apps to inform, book, and manage their travel needs, at home and abroad.
While addressing the Indian market, Matthew Powell, a Managing Director at Travelport, says “The demand we’re seeing today from this age group for omni-channel support throughout their travel experience, whether it’s for business or leisure, is remarkable. This presents a significant opportunity for travel management companies, as well as other businesses that support corporate travel booking, especially as the travel agent sector globally is behind where it really should be when it comes to digital support.”
They are traveling. A lot.
Although seemingly new to the workforce Millenials are already traveling 2.5x more than peers over the age of 35, and according to a survey published by Expedia they are traveling once ever 2 months, vs. once every 6 months for their older colleagues. The same report also states they are 62% more likely to add a pre or post extension on their work trips and will use points programs to facilitate these perks.
They share their opinions.
TripAdvisor is an important tool for any traveling millennial, with 80% citing using it as a resource. Interestingly, 25% have confirmed leaving a negative review online. Other resources like Yelp, as well as review sections on booking sites, are all well leveraged by this generation. Arguably, these niche social networks have forced companies to improve their service more than any other driver in the past decade.
Look out, they’ll spend the Company Dime.
37% of millennials claim to have no problem in spending more on a business trip than on leisure travel. Compare that to 21% for those over 46 years of age and you’ll see an age bracket with expensive taste and a desire to push budgetary boundaries.
Companies are now turning to travel management companies with expense trackers in their offering to help manage this trend, without upsetting the staff.
Without question, Millenials have shifted the way we operate at Worldgo. We now see our journey to be industry leaders in technology and service as both evolutionary and continual. Millenials have made us smarter, faster, and more committed.