Millennials are more likely to shell out the big bucks for a plane ticket than they are for a home, a car, or even their debt payments, according to a new study conducted Airbnb and market research institute Gfk.
The study, which surveyed 1,000 people between the ages of 18 and 35 in the U.S., U.K. and China on their priorities for the next five years, aimed to determine the importance that millennials place on travel.
For U.S. respondents, spending on travel was a higher priority than buying a home. While savings and investment funds ranked the highest in importance, they were followed equally by travelling and purchasing a car.
In the U.K., travel and savings were ranked almost equally, and both were prioritized higher than buying a home.
In China, travel was the highest priority by a wide margin, followed by purchasing a car and purchasing a home.
Results across the board showed that travel is becoming a bigger priority, with 55 percent of respondents in the U.K., 56 percent in the U.S. and 83 percent in China having spent more on travel this year than last year.
In terms of the kind of travel millennials opt for, more than half the respondents in each country said they preferred staying in local neighborhoods rather than tourist hubs.
Food was ranked by millennials in every surveyed country as the most memorable travel experience, coming out on top over nightlife, history and tourist attractions. Three quarters of respondents said they preferred making their own itineraries, rather than going through travel agents or tour operators.
Finally – and perhaps least surprisingly – the study found that millennials are most likely to choose their trip destinations through social media rather than recommendations from coworkers, tourism websites or online news outlets.
h/t Travel and Leisure.