MILLENNIAL KEY LEARNINGS — February 14, 2020
As travellers come and travellers go…
● The travel space in India is witnessing an unprecedented rise of millennial travelers, who self-manage their travel research and tailor-make their bookings, rather than rely on the limited range of options provided by restricted tour package providers.
● A new travel trend has also emerged, called ‘B-leisure’ or ‘Bizcation’ which combines business and leisure trips. According to a report by Expedia, millennials are estimated to spend approximately 35 days a year on travel, whether it be for leisure or business.
● A recent survey showed that more millennials in India want to take conscious, ‘lower-carbon-footprint’ holidays than Gen Z travelers. Right from discovery and payments to stay, adventure, excursion, culinary, rejuvenation, health, wellbeing and design experiences, this tech and travel savvy millennial generation is infusing a new life and vibrancy to business and leisure travel.
● According to a recent report by SOTC, 86 percent of millennial Indian travellers value personalization, flexibility and customization.
● Living by the mantra of “YOLO” — you only live once, and inspired heavily by social media, millennial travelers are driven by unique travel experiences.
● About 60 per cent of young millennials between the age group 19–34, consider business travel an indicator of professional growth, and as a status symbol.
● At the Mavericks, we have millennial employees who indulge in frequent travelling and we have a couple of travel influencers we swear by!
Here’s some recommendations on the travel influencers you can follow to plan your B-leisure trips this 2020!
https://www.instagram.com/bruisedpassports/
https://www.instagram.com/abhiandnow/
https://www.instagram.com/nitishwaila/
https://www.instagram.com/sankaracs/
https://www.instagram.com/amibhat/
The power of the gig economy
● In today’s hyper-personalised and connected world, an individual’s dreams and aspirations are what drives them to choose a particular organisation or field of work. As a result, global economies are undergoing a shift from traditional work structures towards part-time or gig culture.
● A report on the future of jobs in India by FICCI, EY, and NASSCOM, states that with a 24% share, India is leading in terms of online labour market globally. Further, a study by KellyOCG titled “Workforce Agility Barometer” reveals that for 56% of the Indian firms, the proportion of temporary workers is more than 20%.
● The numbers are only going to increase over the next two years, with more than 71% of organisations hiring more contingent workers. Furthermore, with a population of 1.3 billion and over 400 million millennials, it is clear that India is the global talent hub, and therefore, these figures will also lead to a rise of gig workers in the global workforce.
● The gig economy is attracting millennials because it offers them alternative work arrangements. It provides them with what they value: flexible working hours, the ability to work from home, a variety of experiences, and a sense of excitement to be working on different projects with varied companies.
