Our Millennial Traveller Report explores how and why Millennials see such value in investing in travel experiences. As the industry evolves to meet the demands of the Millennial traveller, our report reinforces that above all else Millennials expect personalisation from their travel brands of choice.
The ongoing search for authentic travel is hardly new – but when we look at Millennial demand for authenticity, we find a complex portrait that is nevertheless surprisingly precise. Monica, USA 4 On paper, Millennials do not significantly differ to non-Millennials in how much they claim to prioritise the authentic culture of the places they visit.
5 social standing whilst authenticity may be as crucial to Millennials as it is to older generations, a second aspect of their travel is not so universal. Millennials not only want authenticity of experience, but shareability as well.
There is clear agreement amongst Millennials that peer response is important – and the difference to non-Millennials here is particularly stark. Authentic experiences are still crucial to Millennial travel – the differentiating factor may simply be that without recognition from their networks, even the most authentic experiences would be for naught.
30% of Millennials rate sharing or collecting images of things online as extremely valuable to their entertainment – suggesting that not only is it a functional habit for research or booking purposes, but a veritable pastime.
Concern for personal safety varies between markets, but it is nearly universal that it is higher amongst Millennials than their forerunners. What remains is how the travel industry will rise to the challenge that Millennials will ultimately pose.
Fundamentally, we have seen that Millennials place the opinion of those who occupy a peer-level space in high regard – and ultimately, it is because they feel relatable.
Credit-card customers who redeem rewards through the bank’s web portals will have access to more than double the travel inventory starting Sunday, according to a person with knowledge of the change.
The New York-based bank is partnering with the Expedia Group, which owns sites including Travelocity, Orbitz and Hotwire, to power its travel search engine, the person said. The bank also revamped its website and mobile app to make it easier to choose between flight and seat options, according to the person.
Users will get a more detailed breakdown of fees and can redeem travel with any combination of points and cash. Banks, once technologically-stodgy firms that preferred to build most of their applications in-house, are increasingly joining up with leading companies to keep up with consumers’ climbing expectations.
J.P. Morgan, the biggest U.S. bank by assets, has partnered with tech firms including Truecar and Roostify to improve its retail offerings. Goldman Sachs, an investment bank seeking to make inroads with ordinary consumers, recently acquired a personal finance app called Clarity Money. Here’s how it works: Users earn points by spending on the bank’s credit cards and redeem those awards through its travel portal.
While customers can use points for gift cards or cash, the bank encourages people to book travel by boosting the value of points redeemed for trips. Often, spenders focus on the transaction categories that earn the most points, such as dining or travel. J.P. Morgan customers have been redeeming rewards faster than the bank anticipated, forcing it to take a $330 million charge in the second quarter.
Users of the bank’s Freedom cards will get the new portal starting Sunday, while the bank’s other credit-card customers will be phased in over the next few months.