A new study by PayPal Canada on millennial travel says the roughly 26 to 40-year-old cohort in this country are likely to splurge on their next vacation, though inflation is definitely affecting their plans.
According to the “Millennials on the Map’ survey, 82% of those surveyed say inflation will impact their dream getaway this year with 16% ranking budget management as their top travel finance concern – even more than changing plans due to COVID-19 (13%).
And despite travel restrictions lifting around the world, Canadian millennials are staying close to home as they map out their travel plans this year. A majority of respondents (97%) plan to travel within North America this year and 25% prefer to explore locally in Canada.
Yet, 43% are checking off destinations on their personal bucket lists crafted by their own research to experience “the greatest trip of all times,” or a G.O.A.T trip.
Unpacking Canadian millennials’ travel trends:
Exploring their own backyard: There’s no place like home, which rings true in the millennial travel guide. In Canada, the top provinces they’re planning to explore are Ontario (35%), British Columbia (27%) and Alberta (25%). Other top destinations include Australia (12%), Bahamas (11%), England (11%) and France (11%).
Doubling down on discounts: 85% of these eager nomads say sales and discount codes are important when it comes to booking experiences or buying essentials for a getaway.
Mapping out the journey: Part-time travel agent, full-time millennial – this generation is focusing on designing the ultimate tour for themselves with nearly six in 10 (58%) preferring unique or bespoke trips and experiences.
Sustainable sight-seeing: Over half (52%) of Canadian millennials who responded consider greener options when booking travel, shopping while on vacation, or in the experiences they book for their upcoming adventures.
Group travel gone digital: Four in 10 millennials (42%) prefer to use digital money transfer apps to split bills when travelling.
Banking priceless souvenirs: How are Canadians spending their time once they’ve reached their final destination? The answer to that has a range as big as the Rockies.
– 40% of Canadian millennials surveyed say they’ve made a life-long friend or met a significant other while travelling
– 27% witnessed a one-of-a-kind experience in nature (i.e. Aurora Borealis, bird migration)
– 26% participated in a local, annual cultural celebration (i.e. Mardi Gras, Cinco de Mayo, Oktoberfest)
– 20% ran into someone they lost touch with and reconnected
– 18% injured themselves having too much fun (i.e. broke a bone, got stitches)
– 16% fell in love with the destination and moved there permanently
Another important tip notes Malini Mitra of PayPal Canada is that “Between checking flight prices and scrolling through accommodations, booking travel can take hours, which is why it’s no surprise that 34% of millennials surveyed are more likely to buy experiences when their payment information is filled automatically.”
The “Millennials on the Map’ survey was commissioned by PayPal and conducted online by Pollfish. It interviewed 1,500 nationally representative Canadian millennial respondents in May.