The Surprising Source Millennials are Turning to for Travel Money

It’s no secret how much Millennials love to travel. In fact, one study found that 87% of Millennials saw travel as a very important aspect of their lifestyle, and 86% planned to travel the globe as much as possible in their life.

However, Millennials face one major obstacle to making their wanderlust a reality- finances. Due to increased strain on the economy, and overall delayed adulthood, many Millennials are having trouble moving out of their parents’ homes, let alone jetting off to Thailand.

But finances aren’t stopping the most enterprising members of our generation. Instead, they are looking to ‘crowdfund’ their adventures.

A phenomenon driven by websites like ‘GoFundMe’ and ‘Kickstarter’, crowdfunding is defined as “the raising of funds through the collection of small contributions from the general public (known as the crowd) using the Internet and social media”.

This Millennial trend has not gone unnoticed. This week, AirCanada launched a website called Embarq that will serve as a platform for users to crowdfund their flights.

While the site is open to use by anyone, it’s clear who the focus is. One need only watch the Embarq trailer to see the definite focus on Gen Y.

In fact, Air Canada has explicitly acknowledged their focus on Millennials. In an interview with the Globe and Mail, Selma Filali, Air Canada’s director of marketing communications said, “We know that millennials have more audacious travel plans than ever before. They really want to see the world but they really lack the funds to make that a reality.”
While Emarq is the first website of its kind developed by an airline, it is probable that other companies will soon follow suite. It is unlikely that our Millennial love of travel will end any time soon.

Would you like to know more about Millennials as consumers? Contact us to discover our full range of research and analytical services.

Which Millennial type is most likely to travel abroad and want to fully experience life in a new place? : The Spark

Related Articles