In 2019 more people are packing their bags, stamping their passports and curing their case of fomo(“fear of missing out”). In other words, the travel industry has been busier than ever and as of February 2019, it was the second-fastest growing sector in the world, ahead of healthcare, information technology and financial services. The contribution to the more recent influx of jet setters in the world is primarily due to – you guessed it – Millennials.
The purchasing power of Millennials has increased over the years. While prior generations put their money into life investments, Millennials are banking on life experiences. This means the travel industry is keeping the focus on one message and that is “Don’t miss out!”
The industry is capitalizing more than ever on the power of digital. In 2018, online booking of traveling exceeded $92.5 million, and over 60% of leisure travel arrangements where made online. A recent study by the Guardian found that even booking just basic travel accommodation like a hotel room involved an average of 45 different touch points over a 36-day period. That’s a lot of eyes locked onto screens, in hopes of finding the best deal.
Google coined the term “micro moments” to describe the quick, intent-rich interactions users make with their digital devices. In simple terms, they’re those times when you take out your phone and look something up. When it comes to the travel planning process, micro moments are everywhere, and data about things like, “what will the weather be like” or “when is the best time to go”, all play a part in how the industry sways us into dusting off our suitcases and taking the journey.
Between tracking “micro moments”, realtime data on booking sites, travel patterns, and social media, there’s almost too much data for the industry to feed off of. So if it feels like you are getting bombarded with more than your average case of “book now to lock in this travel deal” it is probably because you are. Just know that as you research the perfect itinerary for your next dream vacation, travel sites are researching you as well; in terms of how you book your holiday, the industry has no fears of missing out.
Happy travels and bon voyage!
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