Between 1980-2000, it has been an age of rapid globalisation and digital-technology revolution. It is the age when the world is resourcefully richer and It is also the age when mobile technology and the world wide web have been largely adopted, enabling instant access to information and constant social networking. Millennials were born during this time and the childhood upbringing, culture and technology available in time have not only influenced distinctive differences in the generation’s personality, but also behaviour and preferences, including travel preference. Millennials, those who have high intensity need of social interactions, longing for authentic experiences and a strong sense of mission, have made their travel preference unique and spending pattern different. This has important implications to the travel related service and products offered to Millennials.
Millennial is a globally similar cohort
Generation cohorts are shaped by events and trends that occurred during their formative years at different stages such as childhood, adolescence and young adulthood. (Mannheim, 1928). Globalisation, social media and the export of cultures from different countries as well as the speed of change have made the world a more homogenous place than before. (Ng, E.S., Schweitzer, L. and Lyons, S.T., 2010) Therefore even though each country’s millennials are theoretically different depending on how their national culture has shaped them, millennials are instead found more similar to one another compared to other older generations across nations.
Millennials are more narcissistic, extroverted and emotionally needy
Millennials are overall more narcissistic than previous generations, most likely encouraged and reinforced by the enhanced camera function of smartphones, the selfie trend and use of social media platforms. Millennials are also found more spontaneous, but the impulsive decisions millennials make are often risk calculated and not hot-headed. Millennials also score higher in extraversion at personality assessment. Extraversion is a trait associated with excitement seeking and gregariousness (Twenge, 2001). High-tech environment has made them very excited being in a fast-paced world. Instant access to information and response is norm and constant social networking and communication is fundamental (Zickuhr et al., 2010). These in-turn have promoted the high maintenance nature of millennials’ emotional neediness (Crumpacker and Crumpacker, 2007; Hira, 2007). They constantly seeks for approval, praise, validation and entertainment etc for instant gratification in school, in workplace or over the internet (Jonas-Dwyer and Pospisil, 2004). Narcissistic and extroverted Millennials are therefore heavily dependent on social interactions and relationships, and might make spontaneous decisions to seek for positive feelings.
Millennials desire for new travel experiences
Personalities and memories of the formative years also influence travel decision making (Gardiner, King and Grace, 2013). Tripadvisor shows millennials are engaged and adventurous travellers that they always prefer to travel to somewhere new until option runs out. Millennials will also repeatedly travel to the same destination for a beloved activity experience, such as skiing and diving. Millennials consider visiting big cities more important than their predecessors (Huang and Petrick, 2010). They are also the most price conscious generation, regarding flight and accommodations, supported by the transparency of price and product information available with mobile internet. Cheaper transportation and accommodation empower Millennials to travel more. Considering travel inspirations, Instagram is reported as an influencing source for 82% of millennials respondents in a study (Terttunen, 2017). Millennials not only travel more but they also travel for many reasons apart from sightseeing: they go on tours with impact; they travel for special occasions; they travel for parties. They also have strong desire to experience local cultures. Making social interactions a strong predictor of how positive a travel experience is. They also seek for casual, local, home-like features accommodations instead of franchise hotels (Van Dyck, 2008). Millennials look for the most authentic, meaningful and new travel experience whenever possible.
Pecutus helps millennials to manage travel finance efficiently
Millennials see travel not a luxury nor a leisure activity, it is a lifestyle and investment in oneself. Millennials are grown ups who have different needs and agenda when it comes to travel. We, Pecutus, understands and appreciates the differences and therefore we aim to provide the most suitable travel money management service for Millennials.
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