Photo: Two millennials taking photo with phone. (Photo via Thinkstock)
A recent study by Airbnb found that most millennials in the United States, the United Kingdom and China would prioritize travel over buying a home or paying off debt.
The Airbnb report highlights the importance millennials place on travel, including the overwhelming dedication to travel from Chinese millennials. According to the report, 93 percent of Chinese responders said travel is an important part of their self identity.
Chinese millennials ranked travel as more important to them than paying off debt, investing and saving, buying a new home or buying a car. Airbnb revealed a staggering 356 percent growth in Chinese millennials using its service over the last year.
Overall, the study backs up the notion that millennials are more interested in spending money on experiences than ownership. In the UK, millennials rank travel over buying a home or paying off debt, and in the U.S., younger people would rather travel than buy a home.
“It’s clear from this study that exploring the world is a top priority for millennials,” Airbnb Head of Global Hospitality and Strategy Chip Conley said in a statement. “This is especially true for Chinese millennials who are quickly becoming the world’s largest group of travelers. What’s also clear is that a significant proportion of millennials are looking for a different kind of travel experience, one that is unique to their interests, provides access to local cultures and is inherently social.”
Another finding from the survey revealed millennials are more likely to build their own itineraries and are more favorable to creating their own adventures. The millennials place more value on experiences, like interacting with locals, learning customs and eating native food.
In addition, 83 percent of millennials in China, 56 percent in the U.S. and 55 percent in the UK indicated they are spending more on travel than they did a year. Part of the reason behind the affinity with travel is social media, which is a heavy influence on many millennials.