Young travelers are taking up more of the tourism market than ever before and their lifestyle habits are creating new demands and innovations in the lodging experience. A study carried out in 2012 by the World Youth Student and Educational Travel Confederation revealed that of the $1.088 trillion spent by tourism worldwide, $217 billion came from young travelers between the ages of 18 and 34. As an innovative entrepreneurial startup connecting the lines between #insuretech and #traveltech, our mission is to bring travel insurance into this age of innovation, and we are keen to find out what the young traveler in the fasting growing share accommodation segment seeks in his/her experience.
It goes without saying that technology has become an integral part of the millennial’s lifestyle. These are the early adopters of technology, this generation both creates and consumes massive volumes of digital content. The young traveler is bound to set off on their journey armed with a smartphone, laptop, tablet, and Go Pro or camera or all of the above. So much that we are considering offering gadget insurance because some of the younger generation quite literally have their entire lives on them. Instagram, Snapchat, Facebook, Twitter and more have become the primary means to find and create travel ideas and inspiration. Wi-Fi has become a bare necessity and the entire trip was most probably executed from the beginning to end by a myriad of cutting edge apps and online services, it’s clear that the #traveltech industry is in full bloom. Generally, the more gadgets and online services you can have available from tablets and gadgets in lounges to requesting room services online, the more likely these savvy young travelers are to be impressed.
The millennial generation seeks personal enrichment, one of a kind experiences and a desire to travel and see as much of the world as they possibly can. This is fantastic news for non-mainstream, smaller, boutique like accommodations – even those in more remote areas. Millennials are all about finding undiscovered gems and they prefer the unique atmosphere of a smaller home-like private accommodation. This way they can find personalization in their experience and you can be sure to find pictures of the lunch served at your cabin rental on social media, these are the footprints of the gratified millennial traveler.
3.Convenience Meets Cost
A sizeable segment of millennial are students, and young adults in the early stages of their career. Thus, although some do, many are not likely to spend extravagant amounts of money if they don’t have to. This includes students studying abroad, interning abroad, or learning a new language. This might explain their preference for more casual, free and private accommodations loaded with house like amenities such as a kitchen or convenience food and beverage outlets and laundry facilities versus higher class, more formal hotels. Accessibility is also important to them and some lodging companies have ventured into partnerships with Uber and Lyft. Research has shown that millennials are the most comfortable and most likely to opt for non-traditional lodging such as private accommodation rentals. A study by PhoCusWright has shown that 31% of a new generation of private accommodation renters are under the age of 35. This demographic are the ones to push the revolutionary ideas of alternative accommodation into motion. Millennials tend to be spontaneous decision makers though sometimes depending on the occurrence of breaks, holidays and days off, they’ll take what they get which is both affordable and convenient.
What demands have you seen arise from millennials that are changing the travel industry? What can we, as an industry change to adapt to these new demands? We want to hear your thoughts. #PABLOWPROTECTS
 Quinby, Douglas and Gasdia, Marcello.,pg 3 PhoCusWright’s Share This! Private Accommodation & the Rise of the New Gen Renter (June 2014)
 Quinby, Douglas and Gasdia, Marcello., pg 1 PhoCusWright’s Share This! Private accommodation & the Rise of the New Gen Renter. (June 2014)