Millions of us every year go abroad on holiday, according to the Office for National Statistics, UK residents made 12 million visits abroad in 2016, with increases set for the 2017 and 2018 reports.
It’s no surprise then that 2018 is set to be the year where there is a consumer shift away from material goods towards life experiences in regards to the travel world.
The new report conducted by The Centre for Generational Kinetics for online travel agency Expedia found that 74% of respondents aged 18-65 said they would prioritise spending spare change or disposable income on experiences over products or things.
According to Inquirer.Net , the figure is highest for millennials, with 65% of consumers in this age bracket making the biggest effort to save for travel.
It’s clear to see in the study the generational differences when it comes to travel preferences. Whilst the younger generation, generation Z, values life experiences and adventure, parents are more likely to prioritise traditional travel experiences like touring and sightseeing.
Social media also plays a huge role in the travel industry, and has even been dubbed ‘the modern day travel agent.’ A survey conducted on Instagram found; the platform is the go-to social network for 48% of people who want to choose the perfect destination for their next vacation. And a staggering 35% of people use Instagram to get inspired and discover new places.
The thriving platform is now one of the biggest sources of travel inspiration, surpassing TV and magazines, according to a report by Blitz. It found that 84 percent of millennials and 73 percent of non-millennials were now far more likely to plan a trip based on someone else’s photos or social updates than other media.
According to National Geographic, the proof is in the numbers. In 2015, the tourism board of the small alpine town of Wanaka, New Zealand, began inviting and hosting “influencers”—social media trendsetters with large followings—to post about their adventures. The result was the fastest tourism growth in the country: a 14 percent increase.
The study concluded “social media pr is a factor that cannot be ignored by travel providers. It has a profound impact on various aspects of a younger consumer’s lifestyle and is now a primary means through which these consumers weigh and make purchase decisions, including travel.’’
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