The Anywhere Traveler Puts New Destinations on the Map
25.08.2023 - 14:31
/ skift.com
/ Seth Borko
OK, millennial, goodbye, boomer? One of the biggest shifts of the pandemic snuck under our noses as we hit play on the next episode of Tiger KingIt became official in early 2020: millennials overtook the baby boomers as the largest generation in the United States.
There are now 72 million millennials in the U.S. and nearly 1.8 billion worldwide, a quarter of the global population. And while you may still picture that youngster in your office, in truth the typical millennial, born after 1981 and before 1996, is now 34.
At a mid-stage in their careers, millennials are approaching peak purchasing power. Boston Consulting Group estimates that this generational cohort will increase their per capita spending by 10 percent over the next five years. Gen Z per capita spending will rise by more than 70 percent over the same time frame while gen x and boomer spending will shrink.
It’s a well-established trend that millennials prefer experience over things. But a less well-understood corollary is that not just any experience will do. In a world where travel is more commonplace than ever, millennials want to be seen as not simply following the crowd but trailblazing unique experiences. Seventy percent of American millennials and gen Zs report seeking out travel experiences that their family and friends have not heard of, according to Skift Research. In China, that figure reaches 90 percent.
There was already a strong brew coming together here: one part rising wealth combined a desire for distinctive travel. The pandemic added the cherry on top. Remote work introduced unprecedented flexibility and made the digital nomad dream seem within reach. Stir well and you get the “anywhere traveler,” a mid-career aspiring jetsetter with the wealth and time to travel nearly anywhere but discriminating enough to not visit anywhere. This group has a strong passion for experiences that takes them off the traditional travel pathways to less obvious destinations.
Businesses and destinations are already working to cash in on this new trend. Perhaps the brashest is Selina, the hostel turned co-living accommodation brand. Selina calls itself the “largest lifestyle and experience hotel business built to address the desires of millennial and gen Z brands.”
Selina has opened or plans to open 163 properties in 25 different countries to capitalize on these travelers’ nomadic dreams. In addition to traditional daily room pricing, the company offers a month-to-month package that lets guests stay in three different Selina properties within the same region over the course of 30 days. Upgrades to the base plan allow greater flexibility. The average cost of a subscription is roughly $1,000 per month and Selina has sold more than 5,400