Millennials are vacationing more than before. Their annual holiday spending now even surpasses that of Generation X's.
Roughly one out of four millennials are planning more overnight trips for leisure in 2014 compared with the previous year. But because 14% are planning fewer trips, the net positive difference is 10%.
That's just one of the interesting findings in a new MMGY Global study on the most recent generation to hit adulthood.
The travel consultancy found that millennials, who range in age from 18 to 35, are expected to spend incrementally more on travel services than any other age cohort during the next 12 months.
It works out to an average of $887 gain on a previous-year base of $4,499 -- for a total of $5,386.
Generation Xers, on the other hand, intend to spend the second highest increment: $666 on a previous-year base of $4,341 -- for a total of $5,007.
Steve Cohen, vice president of MMGY Global, says:
“Six in ten Millennials would rather spend their money on experiences than material things.
This is presumably one of the reasons we’ve observed the spike in their intentions with respect to leisure travel in the year ahead.
The implications for destination and travel-service marketers are quite profound, as Millennials’ planning, booking and sharing habits are significantly different from those of older leisure travelers.”
The MMGY annual survey counts staycations with 50 miles of home as "travel."
The results are based on a national survey of 2,550 active leisure travelers who reside in households with an annual income of $50,000 or more and who have taken at least one leisure trip of 75 miles or more from home during the previous 12 months on which they used overnight accommodations.
"The sample is balanced by statistical weighting to ensure the data are representative of all active leisure travelers in America who meet the target profile," says the study.
Contact MMGY Global for study details.
MORE:Expedia peers into the future of travel, focusing on Millennials - (October 2013)
NB: Main image courtesy itupictures/FlickrCreative Commons. Inset image courtesy theeerin/Flickr/Creative Commons.