"“A journey is like a marriage.John Steinbeck
The certain way to be wrong is to think you control it”"
The face of travel is changing. By 2023 millennials (25-34) are expected to be the predominant demographic of travellers, but their behaviours, attitudes, and motives are significantly different than those of their parents and grandparents. They’re not waiting for retirement to travel, they prioritise travel over home ownership, they have little loyalty to frequent flyer programmes, they travel for business and pleasure simultaneously, and travel for them is about deeply personal life-affirming experiences not just about drunken beach holidays. Although there is that too!
How do we know this? Because we are millennials.
Millennials also hate credit cards. You know those glamorous pictures that they keep posting up on Instagram? The ones featuring exotic jealousy-inducing locations. Contrary to popular belief, most of those travels are funded through unsavoury begrudging work, odd jobs, and aggressive saving—not rich parents.
A dizzying 85% of millennials can’t actually afford to travel like they want which makes that first paragraph above a bit ironic. Don’t ya think? It’s not that millennials are cash poor, but with less disposable income than our parents at the same age we are increasingly cognisant of what we can afford and where we choose to spend our money. At a time when millennials are on an apparent killing spree from department stores to cars, lotteries, and ‘breastraunts’ (those were past their expiry date, to be honest) this should put travel brand managers on high alert. But we love the idea of travelling. To borrow a phrase, the idea of killing the travel industry hurts us more than it hurts you.
We understand the myriad of struggles that travel companies face; long development cycles, lofty overheads, flailing customer loyalty, slim margins, expensive immutable slot times, high breakeven load factors, outrageous cart abandonment, fees and taxes hither and tither just to name a few. We also know there’s much more to know.
One thing that is certain is travel brands are going need to shift their strategies to cater to this upcoming influx of millennial travellers. Many brands are already missing out on millions because they can’t capitalise on the many millennials that are eager to throw their money at them. Where technology has disrupted so many industries and improved the relationships between consumers and brands by creating value, the travel industry has remained relatively untouched, uninnovated, and lacking imagination. Until now.
We are WayFare, a FinTech-TravelTech startup that believes in the power of travel to create connections that profound and nourishing.
If you’re a representative of any travel brand or brands engaged with millennials or gen Z (ages 18-35) we’d love to hear from you.
We’re particularly interested in speaking with
- car rentals
- travel agencies
- travel insurers
- tour operators
- travel groups (formal & informal)
- music and art festivals