A study of nearly 2000 US residents has found that there is a change in the people who opt for a swish vacation and it can "just as likely to be a millennial in search of an eco-vacation who is willing to sleep in a bunk bed" as it is to be "a wealthy globetrotter seeking comprehensive amenities and services".
The L.E.K. 2017 Luxury Travel Study found that young people are "inspiring" luxury travel and are increasingly demanding this type of holiday. 61 percent of millennials surveyed said they opted for full or selective luxury travel, searching for the best hotels or apartments, whether it be leading hotel brands such as the Four Seasons or sites like Airbnb. Older consumers - such as the Generation Xers and the Baby Boomers - are also said to be looking for luxury holiday ideas and accommodation in different places after being inspired by the younger generations.
Millennials also choose their luxurious travel on what will give them the best photos for their social media pages.
They wrote in their study report: "Millennials amp social currency with 'prestige moments'. For members of the selfie generation, the ability to capture 'in the moment' prestige experiences and share them with their social network is extremely important, and key to building a personal brand.
"Perhaps nothing is as powerful as travel in communicating that you are connected, worldly and exciting. Suppliers in the industry should embrace this mindset by offering experiences that help enable and activate it. If an agency, a hotel brand or a tour operator can help plunge guests into what is perceived to be an authentic moment, it will clearly be valued."