Momentive study: Millennials with money

EXPERIENCES

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.

Sam Gutierrez

May 6, 2022 | 2 min read

SHARE THIS ARTICLE

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%).

Read more about our polling methodology here

Click through all the results in the interactive toplines below:

Read more articles by Momentive

Stay up to date on the trends that are reshaping industries, the innovations that are bringing humanity and technology closer together, and more.

EXPERIENCES

The 19th|Momentive Poll: Supreme Court decisions

A Recent Momentive poll shows the majority of Americans support (at least 70%) upholding all four landmark cases that may be thrown into question following the Supreme Court's draft decision, but the least support for Roe – currently the only decision at risk of being overturned.

May 26 • 2 min read

Read more

EXPERIENCES

Remembering and honoring George Floyd

Our Chief Diversity and Social Impact Officer remembers George Floyd on the anniversary of the tragedy.

May 23 • 4 min read

Read more