Momentive study: Millennials with money
High-income Millennials still value affordability, but are also more open to paying higher prices for better quality products and services.
Key findings:
- High-income Millennials still value affordability, but are also more open to paying higher prices for better quality products and services.
- Travel is a top priority for high-income Millennials, with 71% regularly saving up for travel as a budgeting goal.
- Hotels continue to resonate, as travel credit cards, airline loyalty programs, and hotel rewards prove popular with high-income Millennials looking to make the most out of their travel experiences.
High-income millennials prioritize quality over affordability
High-income Millennials (ages 26-41 with a household income of $100k+) place greater emphasis on the quality of products and services rather than price, although affordability is also among the leading factors that impact their purchasing decisions. Nearly 8 in 10 (82%) say the quality of the product or service is important to them, ahead of affordability (74%). Other factors, such as customer service (45%), the purchasing experience (40%), and sustainability (35%) trail far behind. When having to choose between quality and price, however, 7 in 10 say quality is more important, compared to price (30%).
Travel is a top priority for high-income Millennials
More high-income Millennials regularly save up money to travel than paying off debt, retirement, investing, or purchasing a car or home, with more than 9 in 10 traveling for leisure at least once a year. They are also greatly inclined to optimize their travel experiences; 52% own a travel credit card aimed at maximizing hotel and airfare purchases.
High-income Millennials avoid low-cost airlines
When it comes to choosing airlines, affordability is a primary influence for purchasing flights, but not the sole consideration: only 14% say they only care about price when purchasing flights, while the majority (54%) say they mostly care about price, but also consider the airline. One in four (27%) mostly care about the airline, but will consider price as well, and a mere 5% only care about the airline, disregarding cost.
Despite the proliferation of low-cost airlines, less than 1 in 10 high-income Millennials prefer flying with Spirit (7%), Frontier (7%), or Allegiant (5%), with more preferring the Big 4: Delta (38%), Southwest (34%), United (30%), and American Airlines (29%). A majority (62%) are enrolled in an airline frequent flier or loyalty program, driven by perks such as mileage redemption programs (48%), free checked bags (43%), and faster check-in processes (39%).
Hotels win out over vacation rentals like Airbnb and Vrbo
Hotels are most popular with high-income Millennials, with 61% preferring hotel accommodations, more than twice the percentage of those who prefer vacation rentals such as Airbnb and Vrbo (23%). Marriott and Hilton lead among top hotel brands: 68% have stayed at a Marriott or Hilton property, followed by Holiday Inn (63%) and Hyatt (47%). A majority (59%) are also enrolled in a hotel loyalty program with the major hotel groups, and said that their memberships are driven by room rate discounts (55%), flexible check-in or checkout (50%), and room upgrades (45%).
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