When it comes to generations of people and their rates of success, it seems that millennials are becoming the most affluent of all.
According to Forbes, this modern generation of people are “changing the face of affluence forever”, as they are among the biggest earners across the world, particularly in America.
Often when people come to think of millennials, they imagine young kids – potentially around 18 years old – who are into their smartphones and don’t have much in the way of expendable income. However, the reality is that millennials are aspiring and successful people who not only have plenty of money but are also keen to spend it, particularly in the luxury travel sector.
Millennials have been redefining what it is to go on an adventure holiday, as they are constantly looking to have a more authentic and less touristic experience when they go on vacation. This involves both going to more exotic and far-flung places, and also becoming absorbed in local culture, wherever they go.
It’s an ideal situation for the millennial to be mistaken for a local when they go on holiday anywhere because it means that they aren’t awkwardly sticking out from the scenery.
According to the United Nations, 200,000 million millennial tourists generate more than $180 billion (£145.5 billion) in tourism revenue last year, which is a 30 per cent increase from almost a decade ago.
What’s great is that the leisure and hotel industries have millennials on their side when it comes to spending their money on travel experiences.
Travel is essential
It’s a well-known fact now that millennials agree that travelling and seeing the world is an important and even essential part of their lives. Research from Digital Music News, found that 78 per cent of millennials prefer to spend their hard-earned money on experiences rather than on belongings.
When a millennial buys into something they want to believe that it’s going to enrich their lives and make it better, which doesn’t necessarily mean that they need to own a lot of stuff. In general, this generation are less prone to collecting clutter than the ones that preceded it, instead preferring to enjoy vacations and experiences that they can remember their whole lives.
With this in mind, bcg.perspectives also found that the vast majority of millennials are more likely to travel abroad than baby boomers and others, and make up 20 per cent of the total amount of international tourists.
In this way, they are shaping the changing face of the travel industry because international travellers are becoming younger and their needs are changing.
What do they look for?
Affluent millennial travellers look for luxury accommodation with high-quality amenities and want to make their trip as personalised as possible.
This extra touch can be something as simple as a handwritten note that welcomes them to your hotel, or their own personal trainer, which visitors can enjoy when they come to M Spa at M by Montcalm Shoreditch London Tech City Hotel.
At our M Spa guests can also take advantage of a whole range of luxurious experiences, including massages, facials, pedicures and more to make sure that they have the most relaxing trip possible.
For more information on the luxury that you can enjoy when you’re staying in London, contact M by Montcalm Shoreditch London Tech City Hotel now.