Mar 23

Hipmunk Study Reveals That Millennials Are Traveling More And Staying In More Vacation Rentals – Forbes

In this Monday, Aug. 3, 2015, photo, Jonathan Powley, who rents parked vehicles on Airbnb, sweeps out a 1995 Chevrolet conversion van, one of his offerings, in the Queens borough of New York. While parked vehicles make up only a fraction of the thousands of Airbnb listings in New York City, they provide an option for adventurous, budget-minded visitors seeking a place for far less than the $200-and-up most hotels charge. (AP Photo/Richard Drew)

Millennials seem to be starting to travel more and mix more business with pleasure, according to Hipmunk’s annual report on Millennial travelers. Some 81% of the Millennials surveyed by the travel website indicated interest in adding days onto a business trip for a vacation, while only 56% and 46% of Gen-Y and Boomer travelers respectively felt the same.

Part of that uptick in Millennial travel is driven by members of that generation starting to gain more prominence in the workplace. With the oldest members of that generation now 34 years old, an increasing percentage of Millennials are now working in mid-management positions that require more travel. Indeed, according to the survey 80% of Millennials indicated that they would be traveling more in 2016 over 2015.

As the generation of technology and mobility starts to travel more, the shape of the travel industry is also starting to evolve. Vacation rentals are increasingly being used for business travel, the Hipmunk study found, as Millennials comfortable with the sharing economy start to look for alternative, boutique lodging. According to the report, 74% of Millennial travelers have used a vacation rental service like Airbnb while traveling for work, while only 38% of Gen-Y and 20% of Boomer travelers have done the same.

In response to a stronger demand, travel providers are quickly shifting course. Later this year, Airbnb will start selling ancillary experiences in addition to lodging solutions, while numerous legacy hotel chains are exploring an expansion into vacation rentals. “These trends suggest that vacation rentals could eventually surpass hotel bookings amongst this age group, for both business and pleasure,” said Adam Goldstein, the CEO and co-founder of Hipmunk.

At large, the Hipmunk study appears to confirm the trends in line with a maturing Millennial generation. The mid-career workforce is starting to travel more, and they’re increasingly spending their money on the digital and sharing economies. For for forward-thinking travel providers keen to adapt, this may be a boon in business for the next few years — but eventually, the entire industry will need to evolve.

Source: Hipmunk Study Reveals That Millennials Are Traveling More And Staying In More Vacation Rentals – Forbes

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