We can all agree that booking a holiday is one of the simplest pleasures in life. Booking that dream vacation and eagerly awaiting the feel of the sun on your skin and sand under your toes – nothing quite compares. It is estimated that Brits will take an average of two dream holidays in their lifetime, with Europe, the Caribbean, & Australia being some of the top dream destinations. However, in recent years, there has been a surge in millennials booking their dream vacation, and a recent survey by Money.co.uk has revealed that young adults are spending more money on their vacations than their parents have ever done. It seems that millennials are not prepared to wait; they want to book their holidays as soon as possible!
If you’re looking to book your dream vacation, don’t wait – you might be too late.
Millennials are changing the status quo
It has recently been discovered that millennials are entirely mixing up the way vacations are planned and purchased, preferring to book unique, exciting experiences, as opposed to their baby-boomer counterparts. In a recent survey conducted by Money.co.uk, it revealed that young adults aged between 16-30 have already been on an average of two ideal holidays, already equaling the amount an average person goes on in a lifetime.
Additionally, unlike their baby boomer parents who prefer to save up for their holidays, millennials are splashing the holiday cash on their credit cards.
It has been estimated that almost a third of young adults are planning a ‘dream’ holiday’ in 2020, despite not being able to comfortably afford it. It also appears that young adults aged 16-30 are spending much more on vacations than their parents have ever done.
How millennials are living their best lives
The key factor for millennials when booking their ideal vacation is that they’re willing and happy to spend a decent amount of money on a great experience if they believe it’ll make for the vacation of a lifetime.
According to this national poll*, Millennials (aged 24-39) and Generation Z (aged 16-23) are always wanting to get away and experience the hottest adventures. Whether that’s skydiving over the palm in Dubai or going on a romantic Caribbean stay, or even strolling along Bondi Beach in Australia, young adults want to tick things off their bucket lists with lots of thrilling vacations.
In comparison to their parents (over the age of 50), younger generations are more likely to pay for their dream holiday without having saved up the funds. With the average cost of an ideal vacation for millennials being £500, excluding spending money, millennials are prepared to put the balance on their credit card to get it all booked fast. Their parents, however, are embarking on their ideal holidays later in life, saving the funds first, and spending on average £5,331 for their trip.
Salman Haqqi, the Money.co.uk personal finance expert, said: “It certainly seems that Millennials and Generation Z are not prepared to wait as long as their parent’s generation for their dream break. Quite the opposite – younger adults are likely to have been on twice as many dream holidays as their parents.
“That might be down to the way the different age groups prefer to pay for their dream breaks. The younger generations are the most likely to pay for their dream break on a credit card while their parents prefer to save up and pay in cash.”
Book your ideal break now with no regrets
It is thought that the younger generations are making the most of the options they have in front of them, and grabbing these travel experiences by the horns by moving away from their parents’ vacation planning processes.
Younger holidaymakers, aged 16-30, have already been on more than two (2.3) ideal breaks than previous generations. That means that by the time they reach their parents’ age, they could have enjoyed seven or more ideal trips, leaving their parents firmly behind when it comes to globe-trotting and seeing the world.
For those thinking it may have had an impact, it appears that Brexit is not deterring people from booking their ideal break in 2020. The survey revealed that Europe is still a firm vacation favorite, with 19% of people agreeing that Europe is a popular choice for a dream vacation. The Caribbean (16%) and Australia and New Zealand (15%) have come in a close second and third for a dream break destination.
If you’re a millennial and currently looking for holiday inspiration, by booking your dream holiday now, you can reap many benefits. Don’t put it off like your parents would have done as you may just be missing out on the holiday of a lifetime. If you book your holiday today, there are interest-free credit cards to help spread the cost to pay for a holiday. Not only can you make use of those package break deals, but you can also save heaps and bounds of money when paying off your break.
How to save money by booking your dream break?
As a helpful tip, we’ve included a video created by Money.co.uk, the ideal holiday survey gurus, to help you save some cash when it comes to paying for your ideal break. This video provides information on how to book your dream break using interest-free credit cards, by following Joe and Sarah through the processes of booking their trip. You’ll soon see Joe and Sarah living their best life, sunbathing by the pool.
As a third of young adults are currently planning their dream break for 2020, why not jump on the trend and see how you can live your best life and book your dream holiday today! Utilizing interest-free credit cards with a long interest-free period is a sure way for you to spread the cost of your break over a few months or even a couple of years. How about a trip to Europe or the blissful Caribbean or Australia?
Booking your dream trip in 2020 will undoubtedly be a break of a lifetime.