IN FOCUS


grown three times [our size] through the pandemic purely using a digital, social first strategy.” And Luxtripper isn’t alone. In fact, an


increasing number of brands are tapping into the lucrative collective known as high-earners-not-rich-yet (Henrys) – and the opportunities are vast.


Younger generation trends Aged between 26 and 41, millennials are the largest generation to date – and they’re about to move into their prime spending years. According to investment management


firm Bowmore Wealth Group, the number of UK millennial and Gen Z millionaires reached a record high of 2,000 this year, twice as many as in 2021. In 2019, the number of millennials and Gen Z taxpayers declaring an income of more than £150,000 rose by 28% from 39,000 to 50,000. A recent travel industry report by digital transformation consultancy Publicis


A lot of brands


are using TikTok to educate the millennial


generation as well as their current [older] customers


Sapient found that millennials are the age group most engaged in travel and have the disposable income to carry out their holiday plans. They are also the most likely to be frequent travellers, with 20% reporting four or more trips in the upcoming year, and, like Gen Z, are inherently adventurous, with travel itineraries often including going to a destination they’ve always wanted to visit and learning about a new culture. Meanwhile, Gen Z, aged between 18 and 25, take shorter holidays on average and are more likely than other age groups to travel with a friend group rather than family or a partner. Among Gen Z respondents, a “once-in-a-lifetime experience” was the top priority when travelling, surpassing affordability and safe destinations, the report claimed. Both Gen Z and millennials are also


much more likely than Gen X (those aged 42-57) to use social media platforms like YouTube and Instagram for travel research,


36 ASPIRE SEPTEMBER 2022


aspiretravelclub.co.uk


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