Millennials jet off to exotic spots rather than buying a first home

Millennials are taking more expensive holidays because they believe saving enough money to buy a house is unrealistic, a travel expert claims.

Contiki reported a 10 per cent increase in the average amount of money people aged 18 to 35 are spending on trips this year compared with 2016.

It said young travellers are taking more adventurous and so-called bucket list trips, with increased year-on-year demand for destinations such as New Zealand, South America and Vietnam.

With a typical first-time home buyer in the UK aged 30, Contiki sales and marketing director Donna Jeavons has highlighted a growing trend in young people prioritising experiences including travel over getting on the property ladder.

She said: “With housing being so expensive, many young people are opting to live in the moment and pursue other goals first, knowing buying a house could be a little further down the line than it was for previous generations.

“Saving a bit here and there isn’t really scratching the surface for millennials, so many are choosing to have the best holiday they can afford instead.”

Several other companies have also started selling products aimed at younger travellers. U by Uniworld will be Europe’s first river cruise exclusively for young people