Millennials prioritise bucket-list breaks over house buys

06 December 2017 09:04

Demand for breaks to New Zealand has risen 83%

Demand for breaks to New Zealand has risen 83%

Millennials are splashing their cash on travelling the world rather than laying down roots, research by a holiday firm has found.

According to Contiki, there's been a 10% increase in the amount young people are spending on holidays compared with 2016, putting off buying a home because of unrealistic first-time prices.

Holidays vs houses

Contiki says young travellers are taking more adventurous and so-called bucket-list trips, rather than lads holidays and girls breaks to cheap European destinations.

Year-on-year demand for trips to New Zealand is up 83% for 2017. Meanwhile demand for South America has increased by 71%, Balinese breaks (56%) and there's a 50% in rise young travellers heading to Vietnam.

The specialist travel company says there is a growing trend for young people prioritising travel over buying a home, and the average age of a person getting on the property ladder is now 30.

"With housing being so expensive, many young people are opting to live in the moment and pursue other goals first, knowing that buying a house could be a little further down the line than it was for previous generations," says Contiki sales and marketing director Donna Jeavons.

"Saving a bit here and there isn't really scratching the surface for millennials, so many are choosing to have the best holiday they can afford instead."

Cashing in on the trend

Contiki is not the only firm to recognise the trend. Europe's first river cruise aimed exclusively at young people will launch in April 2018.

U by Uniworld will be offering mixology classes, street art tours and vintage motor bike rides.

Ellen Bettridge, chief executive of the firm, said: "We are targeting an active traveller between the ages of 21 and 45, with everything from the decor, dining and cocktail service to the land activities thoughtfully curated to meet the needs of this audience."

Air France has also been quick on the uptake, launching Joon - a new subsidiary airline aimed at millennials - on December 1.

It features movies and television streaming through smartphones and tablets, a collaboration with Airbnb Experiences and its crew will be wearing uniforms with a "chic sportswear look".

Dominique Wood, an executive vice president at Air France, said: "With Joon, we have created a young and connected brand that will give the group a new impetus."

If you're planning on travelling the world, it's important to have cover for any unexpected medical costs or cancellations. You can enjoy added peace of mind by taking out worldwide travel insurance.

Share this on Facebook Tweet this Share this on LinkedIn Email this