The next big trend in American business will be in hotels, where millennials are turning out to stay, eat, shop and travel, according to an analysis of data from real estate agents and brokerage firm Trulia.
The analysis by Trulia shows hotel occupancy among millennials has increased in recent years from around 12 percent in 2016 to 15 percent in 2019.
This is due to the growing number of millennials living at home, but also a change in hotel booking patterns, such as the rise of Uber, where millennial travelers are staying longer and staying longer, Trulia found.
The firm compared occupancy rates in hotels with the same occupancy rate among people age 18 to 29.
Among people ages 30 to 44, occupancy rates are up from 8.5 percent to 13.9 percent, the firm said.
While millennials are staying at home in their 20s, they are spending more money at the same time.
A third of millennials say they have more than $20,000 in the bank, compared with one in four adults ages 30-44.
That compares to about one in five adults in their 30s.
They also have more money in their savings account, but less in their checking accounts, Trubal found.
Millennials are spending less time at work, but spending more time in restaurants and bars, as well.
They spend $5,845 on drinks at the bar and $1,638 at the restaurant, Truba found.
A majority of millennials, 58 percent, said they spend more than an hour at home and fewer than one hour at work per week, compared to 37 percent of adults age 18-29.
Nearly half of millennials said they never travel to a destination they wouldn’t have been able to do otherwise, while the same percentage said they usually do not go to a place they wouldn.