When It Comes to the Vacation Rental Industry, Millennials Mean Business!
When you become part of the iTrip franchise family, you’ll benefit from a proven business model that makes the most of the vacation rental industry. It’s a thriving one that a wide demographic supports. But no age group plays a more important role in its growth than millennials. More than any other group, millennials love to travel and put a premium on the experiences gained by it. Furthermore, they prefer private accommodations while traveling, making them the perfect demographic for your iTrip listings!
Who Are Millennials?
Millennials make up just over 30% of the population and drive economies everywhere; by 2030, their collective annual income worldwide is expected to exceed 4 trillion dollars. They’re generally considered those individuals born between 1981 and 1996, although there is some flexibility with that date range. Called millennials because the oldest of this group became adults as the calendar flipped from 1999 to 2000, they’re the first generation to be fully immersed in the digital age — in other words, they don’t remember a time before the internet. It’s no surprise, then, that this demographic relies heavily on smartphones and apps to book travel and to visit listing sites.
What Is Their Influence on the Vacation Rental Industry?
Millennials love to travel, perhaps more so than any other age group. Not only that, but they also place a premium on experiences and don’t think twice about booking time away to immerse themselves in a new city or country. Consider these statistics:
- Millennials spent $200B on travel in 2018
- 33% of millennials budget $5K+ for vacations
- On average, millennials take 5.6 trips annually, as compared to 4.4 for Gen Z, 4.0 for Gen X, and 3.5 for Baby Boomers
- Domestic destinations are the favorite of most (79%) millennials
- However, 33% of millennials will plan an international trip within the next two years
And it’s not just the vacation rental industry that millennials are influencing. Business travel, too, is seeing its impact. Millennials as a group travel for work more often than the generations before and after them, and because they place a premium on new experiences, are far more likely to adopt a “bleisure” lifestyle, mixing business travel with leisure as a way to inject adventure and interest into their lives. Given this, the booking of business travel accommodations will become even more of an important source of income for iTrip franchisees — and indeed, the overwhelming influence of millennials on the travel industry, in general, makes now an ideal time to become part of the iTrip brand.
The global vacation rental market is expected to grow by nearly $63B during 2020-2024, which means if you want to take advantage of that growth, the right partnership matters. We know there are other franchise brands you could align yourself with to leverage our industry, but when you consider everything an iTrip investment gets you, we think you’ll quickly appreciate why we’re a standout.
We’re a technology company first, which means our franchisees benefit from proprietary software that allows them to manage all aspects of their business from anywhere, whether while traveling around their exclusive territory to meet new clients or sitting at home enjoying guidance from our home office experts. Our technology is a game-changer, and our established relationships with over 80 listing sites virtually guarantee that, as an iTrip franchise partner, your listing will get seen by more eyes more of the time.
Furthermore, we’ve established a proven business model that takes the guesswork out of running your franchise. Our processes and procedures allow you to navigate our industry efficiently, and we’re always just a phone call away to answer questions or listen to your feedback. With the iTrip experts by your side, you’ll be in business for yourself, never by yourself!
Now is the perfect time to become part of the iTrip brand family. To find out how, get in touch today!