We can all agree that booking a holiday is one of the simplest pleasures in life. Booking that dream holiday and eagerly awaiting the feel of 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 holiday destinations. However, in recent years, there has been a surge in millennials and young adults spending more money on their holidays than their parents have ever done.
If you’re looking to book your dream holiday, don’t wait – you might be too late.
Millennials are changing the status quo
It has recently been discovered that millennials are completely mixing up the way holidays are planned and purchased; prefering to book unique, exciting experiences, as opposed to their baby-boomer counterparts.
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.
How millennials are living their best lives
One factor that is key for millennials when booking their dream holiday is that although they’re keen on finding a good deal, they’re also very willing and happy to spend a decent amount of money on a great experience if they believe it’ll make for the holiday of a lifetime.
According to national research*, Millennials (aged 24-39) and Generation Z (aged 16-23) adults have been on almost twice as many dream holidays as their parents (over age 50) and it is these generations that are the most likely to pay for their dream holiday using their credit cards.
Salman Haqqi, money.co.uk personal finance expert, said: “It certainly seems that Millennials and Generation Z are not prepared to wait as long as their parents’ generation for their dream holidays. In fact, quite the opposite, younger adults are likely to have been on twice as many dream holidays as their parents already, despite their tender years, according to the study”.
“That might be down to the way the different age groups prefer to pay for their dream holidays. The younger generations are the most likely to pay for their dream holiday on a credit card while their parents prefer to save up and pay in cash.”
Book your dream holiday 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 holiday planning processes.
Younger holidaymakers, aged 16-30, have already been on more than two (2.3) dream holidays. This means that by the time they reach their parents age, they could have enjoyed seven or more dream trips, leaving their parents firmly behind when it comes to globe-trotting and seeing the world.
The message here for all is to book your dream holiday now, don’t put it off like your parents would have done – you may just miss out on the holiday of a lifetime.
If you’re interested in seeing how you can live your best life and book your dream holiday now, click to see the money.co.uk video on how to use interest free credit cards to pay for a holiday.