Last updated: 03:20 PM ET, Wed November 16 2016

Millennial Travel Spending Surpasses $200 Billion Annually

Features & Advice | Patrick Clarke | November 16, 2016

Millennial Travel Spending Surpasses $200 Billion Annually

Photo courtesy of Thinkstock 

The future of the travel industry is extremely bright and millennials are to thank.

According to the recently published "Millennial Brief on Travel & Lodging" report from FutureCast, millennials currently spend more than $200 billion annually on travel.

Interestingly, the report also shows that a majority of millennials seek new experiences above everything else when traveling, with nine out of 10 in agreement.

What's more, 70 percent of millennials indicated that they want to explore the communities they visit on vacation and learn something about them in the process.

Millennials' collective desire to experience something new and different is reflected in their travel planning. According to the report, the generation checks an average of 10 sources before making travel purchases.

For better or worse, millennial travelers are also able to successfully blend business and leisure travel, with 62 percent indicating that they extend their business trips into personal vacations. 

READ MORE: Millennial Families Are Turning to Travel Agents

Plus, weekend trips account for nearly half of all millennial vacations, the report found.

The millennial influence has already been felt throughout the industry as brands continue to embrace social media and begin directly targeting the youngest generation of travelers. That influence will only continue to expand in the coming years as the number of travelers within the generation increases.

In the latest episode of TravelPulse Radio, travAlliancemedia president and CEO Mark Murphy echoed those sentiments, pointing out that "the travel industry is set to continue to grow because of millennials and baby boomers, all they want to do is travel."

FutureCast's report undoubtedly reaffirms that viewpoint.

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