With the huge success of travel companies such as Airbnb, which provides a platform for people to rent their homes out to visitors, the younger generation rates being able to stay in someone else's home rather than a hotel or similar formal establishment.
Around 52 percent of respondents said they use owner-direct accommodation services including Airbnb and VRBO, with 22 percent using them regularly and 30 percent using them occasionally.
Millennials also want personal experiences when they head abroad and love to venture out of their comfort zones and learn new things, with 85 percent of those surveyed rating this their top priority when visiting a new place.
ResonanceCo.com wrote in their report: "The Millennial generation is often shorthand, of course, for overall consumer behavior disruption. They just happen to adopt early and often - the canaries, if you will, in a coal mine where brand allegiance is dropping and the product that's most convenient can ascend to market domination (and profitability) in record time. But there's no denying that Millennial consumers - a generation of especially empowered, fearless, efficiency-seeking Americans - have been brought up in a culture that will never resemble that of their parents ... or even their older siblings.
"As the Millennial consumer decides which meaningful, value-driven, braggable businesses deserve their increasingly hard-earned money, the rubber hits the road for companies that have been paying attention for the past decade. And in few sectors have Millennials had more of a consumer behavior impact than in travel and tourism. In fact, travel marketing consultants MMGY Global estimate that 10% of U.S. Millennials plan to travel more in the future than they currently are - the only demographic on the rise."