Millennials consider travel more important than buying a house

14th Nov 2016
Written by: Dave Owen

 

You might be sick of articles blaming millennials for the downfall of human society (we certainly are), but this is actually relevant and interesting!

New research shows that millennials would rather spend their money on travelling instead of buying a home or paying off debt.

The study was carried out by market research institute Gfk on behalf of Airbnb, and looked at the travel habits of people aged between 18-35 in the UK, US, and China. It asked them to prioritise their finances over the next five years; only savings earned a narrow victory over travel.

Millennial travel

Now, many articles would try and frame this as proof of the millennial generation’s irresponsibility and selfishness, whereas actually it makes a lot of sense; these days owning a home is, for many young people, an impossible prospect, and job security is vastly reduced; political outcomes of late have generally not tallied with the interests of young people; student debts are unassailably massive. It’s little surprise they value the ability to escape from it all.

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The study shows that Chinese millennials prioritise travel most highly, putting it even above savings, with 93% of Chinese respondents saying that travel is an important part of their identity. 83% of young people in China are spending more on travel than they did a year ago.

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