NEW YORK - According to a new report on the future of U.S. Millennial travel, American travelers between 20 and 36 years of age prefer full-service hotels to an Airbnb rental, even as the home-sharing service expands in 65,000 cities and in preparation for an imminent IPO.
Resonance Consultancy, a leading advisor in real estate, tourism, and economic development for countries, cities and communities, reveals this and many other insights in the 2018 Future of Millennial Travel Report: A survey of America's fastest growing tourism demographic, a 70-page trend briefing released this month.
The report surveyed more than 1,500 active U.S. Millennial travelers finding that despite 52% of respondents saying they regularly or occasionally use owner-direct rental services like Airbnb, it is actually among their least preferred accommodation choices. Only 23% said that a short-term apartment and/or condo rental was their preferred type of accommodation.
"Findings in the 2018 Future of Millennial Travel Report are contrary to the prevailing belief that hotels are in trouble with younger travelers who prefer homesharing," says Chris Fair, president of Resonance Consultancy.
Millennial traveler respondents cited full-service hotels as their first choice, staying with friends/family as second, followed by all-inclusive resorts. Roughly a third of Millennial travelers prefer upscale/luxury hotels/resorts (35%), followed by camping (33%).
Resonance is hosting the Future of U.S. Millenial Travel Briefing: Fef. 28 in New York City, a half-day executive briefing which will help resort, hospitality and travel professionals future-proof their business and identify new opportunities.
"U.S. Millennials will spend $200 billion in 2018 alone," adds Fair. "A lot of that will be on travel and tourism. Our Feb. 28 briefing will bring our research to life and give travel, tourism and hotel marketers the chance to tap into this massive demographic's imminent spend."