Youth Travel Sector is a $200 Billion Industry
At the Internationale Tourismus-Börse Berlin (ITB), the world’s largest tourism trade fair, it was announced that the global youth travel sector is a $200 billion industry – twice as large is the global video game industry.
As you might expect, youth travellers are highly price sensitive. The strategy is volume. Breakaway tours, once the market leader in youth travel, leveraged this insight well when they hired influencers at high schools to organize group trips. As youth seek “social experiences” within their travel, this proved to be a highly effective strategy, which still used today by many youth travel companies. 42% of youth travel for a specific purpose or special events.
The true value here is building a customer acquisition funnel. Many youth will return to the destinations they experienced initially as youth. In 2013, youth travel accounted for 207 million arrivals. By 2015, it’s expected that young travelers will surpass business travelers in the number of international arrivals and revenues generated overall.