Millennials are the largest generation in the US workforce and they are taking more business trips than their older counterparts. Interestingly, air travel accounts for about 16% of all business trips. Unconventional accommodation has also become a major trend in business travel.
Air travel accounts for about 16% of all business trips
Approximately 16% of all business trips in the United States are air travel. The average length of a trip is 123 miles. The median price for a business trip is $470. Typically, a three-day trip costs $990 to $1,293. A typical international trip can cost up to $2,600 or more.
Most trips are within 250 miles of their destination. The median trip distance for business travel by car is 102 miles. The most common destination is the South. The South is the largest generator of inbound business trips.
Generally, business travelers are professional and managerial. They have an income that is above the average. Most of them have at least $127,000 in annual earnings. Some companies have strict travel policies. However, 60% of business travelers do not understand their company’s travel policy.
Typical US business travelers are male. The average age is 30 to 49 years. The most popular reason for business trips is for meetings and events. The percentage of female business travelers is increasing. They are slightly less common than male travelers.
Millennials take more business trips than older counterparts
Millennials are now the largest generation in the United States workforce, and they represent a significant buying power. As such, travel companies are looking to capitalize on this new and exciting trend. These young travelers have already spent $200 billion in the last year on travel, a number that is expected to grow in the coming years.
In a survey conducted by MMGY Global, nearly three-quarters of millennials said that they take at least seven business trips per year. These are more than the four trips reported by Gen Xers and the six trips reported by Baby Boomers.
Millennials also tend to travel for cultural experiences and food. They are also more likely than older generations to plan their own trips. These travel trends are also being influenced by the emergence of the mobile technology. This is important because, as a form factor, it is changing the way people book and manage their trips.
Millennials are also more likely to contact friends and family while traveling. In fact, 38 percent of millennials reach out to friends and family more than once a day when they are away. In contrast, only 29 percent of Boomers reach out to their family while they are on a trip.
Unconventional accommodation is a business travel trend
Increasingly, alternative accommodations are becoming the preferred choice for business travelers. This is especially true for millennials. In fact, a majority of millennials have stayed in vacation rentals in their lifetime.
The growth of alternative accommodation is expected to continue. While some business travelers still opt for traditional hotels, more are choosing home-like properties, boutique hotels, and alternative accommodations.
Business travelers are also looking for service providers that can add value to their stay. This includes technology such as video conferencing. Providing an experience that is as seamless as possible is important to corporate travelers.
Using intelligent assistants to recommend services and keep guests updated during disruptions is another key trend. Virtual reality is predicted to allow for personalized experiences.
Many of the key trends in the business travel industry are centered around new technology. Facial recognition technology speeds up border control procedures. Retinal scanning is increasing at airports.
Business travel continues to be a crucial aspect of business. In the US, business travelers spend an average of $82,000 per household. This includes travel for meetings, conferences, and sales presentations.
Millennials are the dominant generation in the workforce
Millennials are the largest generation in the US workforce, including in the best towns for family vacations. In fact, the millennial generation is expected to be one-fifth of the entire labor force by 2020.
The millennial generation is comprised of people born between 1981 and 1996. During the new millennium, they grew up as the internet was revolutionizing society. They were also the first generation to experience the digital revolution while growing up.
While there are several differences between millennials and other generations, a common factor is that millennials value innovation and technological advancement. They want to work for companies that make a difference and are willing to put their money into them.
Besides wanting to earn money, millennials want to work for an organization that has a mission and purpose. Almost half of millennials say they would like to learn a new skill.
As a result, employers must understand what motivates millennials. They will also need to adapt their culture and workplace to the expectations of this workforce.