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Millennials saving for holidays

Millennials save for holidays not houses.

Travel experts have warned that young people between 18 and 35-years-old aren't able to save the money they want for a deposit on their first house and so instead are spending the money on travel.

Last year, Contiki saw a 10 per cent rise in the average spend of their clients, who are aged between 18 and 35.

Now, there are companies creating holidays particularly for millennials, with U by Uniworld launching its first millennial cruise.

Donna Jeavons, sales & marketing director for Contiki, told The Independent: "I think the urgency for buying a house is no longer there. The cost of buying - in particular the deposit - can make it prohibitively expensive for many young people at this stage in their lives, so saving can feel like a fairly futile exercise. Instead, young people are choosing to live in the moment - we're seeing many millennials investing in experiences over bricks and mortar."

Chris Townson, managing director of U by Uniworld, added: "Property ownership is out of reach for many young people at this stage in their lives, so we are seeing more investment in travel and life experiences as a definite trend. With home ownership out of reach for many young people, this money is being invested in taking more, and better quality travel experiences. Our customers are spending significantly more on travel than previous generations. It's not uncommon to see young people spending €100 for access to beach clubs, such as Nikki Beach, as they want to have quality experiences when they travel."

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