There are 75 million millennials in the United States. In a post-recession world, many of these millennials are enjoying increased spending and higher employment numbers. Over half of this generation is married with children – and they’re ready to spend on travel. When it comes to vacation rentals, one-third of family travelers are willing to consider renting a home, while one-quarter are willing to consider renting an apartment or condo, and nearly one third of Millennial families have plans to vacation with friends.
In a WYSETC survey, 55% of Millenials said interacting with locals is their top motivation for travel, while 46% included experiencing everyday life as important to travel. Airbnb knew this when they rolled out Neighborhoods, promoting different aspects of local life in their top cities (walkability, nightlife, shopping, and so forth).
According to eMarketer, Tech savvy is essential to capture the Millenial market. Mobile bookings are expected to bring in 35% of all online sales by 2018, and this largely due to Millenials.
Boston Consulting Group’s report on Millenial travelers said that they are more likely than other generations to book both business and leisure travel through aggregators. Seventy-five percent of them have travel apps on their mobile device, and they are more likely to use Hotels.com, Expedia, Kayak, and Orbitz.
Capturing the Millenial demographic is essential to future success. New technology is a must if vacation home owners want to take advantage of this new generation of travelers.
Here are a few ways in which HomeEscape’s technological platform appeals to Millennial travelers: