New Research Shows Millennial Travel Spending Follows Traditional Patterns
New research from Concur, the expense management company, shows millennial purchasing patterns when it comes to business travel aren’t as different from those of senior colleagues as might be expected. Millennials spend: 18% less than employees aged 36-65 on dining and entertainment, about $44 per transaction compared to $52; 19% less on dining at $33 per meal when traveling, while colleagues between ages 36-65 spend $39; and 3% more on hotel-related expenses (room, parking, WiFi, room service) than older colleagues ($114 per transaction compared to $111). Some of the numbers suggest that the industry in which the traveler works influences spending more than the employee’s age. On average, all generations in the financial services and public service industries spend more per business travel transaction compared to other industries – 22% and 19% more, respectively. For example, employees aged 36-65 working in financial services spend an average of $52 per meal, while employees in the same age range working in health care spend $42. Meanwhile, millennials in public service jobs spend an average of $124 per hotel transaction compared to millennials working in health care, who spend $107.