According to a new study released by global house sharing website Airbnb in partnership with market researchers GfK, Millennials would rather spend their hard-earned cash on exploring the world than on a mortgage… or other traditional “adult” things like paying off debt.
Right now, Millennials—aka people between the ages of 18-35—are the largest generation of people currently on the planet. And their priorities are a whole lot different than those of their parents, grandparents and great grandparents. While previous generations spent their pay cheques on stuff like big homes, multiple cars, the latest gadgets and, of course, savings, Millennials see things a bit differently.
According to this data, most Millennials are more interested in experiences than the material, ranking travel high on their lists of financial priorities, ahead of buying that car or that home, or paying off debt.
Which isn’t really a surprise. Research continues to prove that spending money on life experiences over material things may actually drive human happiness.
The study looked specifically at millennials in the U.K., U.S. and China, collecting data from 1,000 online interviews and finding that travel is indeed trending (conveniently for Airbnb, we might point out). China’s Millennial group ranked travel as more important even than savings, which wasn’t the case for the U.S. sampling.
And the type of travel is changing, too. Those polled weren’t interested in travel to touristy spots. Millennials tend to look for a more authentic experience, with more than 80 per cent saying they want to live like a local when exploring a new place, choosing neighbourhood restaurants rather than chains, and seeking the experience off the tourist-beaten track. The study also revealed that 75 per cent of people would rather create their own itinerary than book a pre-packaged vacation.
The research lists a bunch more interesting insights into how this globe-trotting generation gets its travel fix. Check it out, get amped for your next vacation and then restructure your budget to make it happen.