Being a provider in the luxury travel industry keeps us attuned to evolution in the market so that we can make data driven judgement calls on how best to serve our clientele.
Lately we have paid notice of a changing of the guard, which has caused us to shift our attention to the ‘Elder Millennials’, and the way that this formerly youthful demographic is looking to settle down and take their rightful place as the strongest consumers in the travel industry.
Millennials (aka Gen Y) are people born between 1981 and 1996, making them between the ages of 25 to 40, and naturally they are getting older. Not so long ago, this generation was associated with youth, but millions of them are now approaching middle age, which has changed their buying behaviors and powers. Especially in the case of ‘Elder Millennials’, who are no longer members of the youth demographic, the baton has been passed down to Generation Z. This group of ‘Elder Millennials’ are currently the most powerful force in travel pre-pandemic and they were and still are the most travelled generation. This fact can be attributed to ease and affordability and their overall attitude that favors experiences over possessions. This age group can no longer identify with their former descriptions of lazy and entitled, as they have toiled tirelessly to where they are today. Keep in mind that the majority of the world’s leading CEO’s today are Millennials.
Their maturity brought about by age has changed their lifestyles and travel habits. Due to the onset of responsibilities that weigh heavier, they have become more serious and less frivolous. A large number of Elder Millennials are now parents and they are more excited about personal optimisation and whether the resort they are staying at has a kid’s club to allow them more personal time for rest and recreation.
1.8 billion– number of Millennials worldwide.
23%– percentage of global population that are Millennials.
41%– percentage of Millennials in 2021 who say they feel stressed ‘some or all of the time.
US$30 trillion – amount of wealth Millennials are set to inherit from Baby Boomers and Gen X.
Since Elder Millennials have reached their prime working years and we can expect their impact on the global economy to be astronomical, it only makes sense for companies seeking growth to be riding their demographic rise. They’ve basically become more materialistic, because they can afford to be and they are the travel industry’s most important target demographic because they are hooked on seeing new places. We are seeing more companies restructuring travel for Millennials.
Case Study: Flash Pack
Flash Pack is an adventure company lifestyle company that reformulated their brand after filing for bankruptcy during the peak of the global pandemic. They are the perfect example of a company that has risen from the ashes thanks to their decision to innovate and focus on the Millennial demographic. They are a platform that connects like-minded solo professionals in their 30s and 40s to enjoy stylish, authentic and dynamic adventures together, Offering itineraries in the UK and across the globe, each one carefully researched and purposefully curated around the needs of their new target market.
Flash Pack’s mission is to create one million meaningful friendships across the globe using the power of travel. Their unique selling point is with the use of carefully researched group dynamics, they ensure that clients are comfortable building friendships within the first 24 hours.
Co-founder and CEO of Flash Pack, Radha Vyas has identified that focussing on budget backpacking and luxury was a retired market, and she decided to land somewhere in the middle. As a Millennial herself, she realized that people her own age were looking for a mix of dynamic adventures and accommodations with a hint of luxury like a boutique hotel. She actually tried looking for a travel company that offered this mix and found that none appealed to her, which gave birth to this innovative concept to be the first to define this niche. Flash Pack even goes to the extent of refusing booking for people outside of the 30-49 age range as it ensures that they are dedicated to their USP. They also do not allow groups of friends or couples as it will affect the group dynamic.
“Single households have been the fastest growing for years – this was really the trend we were capitalising on pre-pandemic and it allowed our business to grow from £20k savings into one of the top UK travel start-ups in just five years.
“Everyone knows that travel will bounce back in a huge way but the need for connecting with others will be far greater. Research suggests that individuals who understand the power of connection are the people who experience more career, financial and social success.”
What Flash Pack has learnt from the experience
“We are now backed by the biggest private investment firm in Europe so we can ride out any future wave of Covid and we have already re-hired key members of our team. We learned that we should hold customer money in a trust account so we are proud to work with Protected Travel Services to keep all customer money safe.
“Growing sustainably is paramount too. Many Flashpackers told us we’d expanded too quickly and that, as a result, quality dipped. So we ripped apart our previous 74 adventures and started from scratch. We now offer just 17 adventures packed with experiences that are nearly impossible to find or create by yourself. Our aim is to get back to pre-pandemic levels by 2023.” -Co-founder and CEO of Flash Pack, Radha Vyas
Travel with Cevalon
When you need to get away from it all, whether for relaxation or adventure, with our Holiday Planning & Itineraries service we craft and create a bespoke plan to suit your lifestyle.
We can help you find the destination that will excite and delight you and your family, and provide an itinerary that gives you the opportunity to create unforgettable vacation memories.
This may include exploring remote destinations by air, road, sea, or even skis, setting sail on a luxury ocean-bound cruise, embarking on a grand European tour in a classic car or hiding away in a glamorous romantic resort location for the ultimate honeymoon. We arrange everything to your tastes – travel, accommodation, restaurants, equipment and your timings.
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