The dynamics of the world are constantly evolving, and as societal trends change, so do the millenial travel trends. The millennial generation, in particular, has been placing a growing emphasis on spending money on travel experiences to destinations like Bali, rather than accumulating material possessions.
Sagaar Panchal, the Founder and CEO of Hireavilla & Manzil, a holiday home rental company, has shed light on why millennials value experiences and travel over shopping. This shift in mindset is significantly impacting the travel and tourism industry, especially in conjunction with the rise of remote working models.
The allure of destinations like Bali is easy to understand. Over the past decade, the prominence of travel influencers has saturated social media feeds with captivating images of Bali’s picturesque landscapes. Travelers are drawn to Instagrammable locations, and Bali offers an abundance of them. From the breathtaking clifftops of Nusa Penida to the stunning rice terraces surrounding Ubud, Bali presents endless photo opportunities and memorable travel experiences.
The rise of social media and independent travel blogging has also made travel information more accessible than ever. With a wealth of tips, tricks, and travel advice available at their fingertips, millennial travelers are empowered by the positive examples set by travel content creators. In Bali, tourism businesses and even the local government have collaborated with influencers and travel content creators to produce stunning visual media that encourages travelers to prioritize experiences over material possessions.
In a world where the cost of a designer handbag could equal that of a 10-day trip to Bali, many people find it an easy financial decision to choose the latter. Panchal highlights that millennials are more interested in accessing experiences, such as staying in luxury villas in Bali, rather than investing in high-cost assets like properties. Online platforms have made it easier for millennials to access upscale travel experiences without the burdens and risks associated with property ownership or business management.
As a generation, millennials are conscientious consumers who strive to align their spending with their values regarding the environment and wider communities. Conscious consumerism and the pursuit of sustainable living have become increasingly significant to them. Consequently, the idea of spending money on an eco-resort vacation or embarking on a once-in-a-lifetime adventure in Bali is more appealing than participating in the cycle of fast fashion, for example.
The pandemic has prompted many millennials to reassess their relationship with work. They aspire to work remotely and achieve a better work-life balance. Bali, as a destination, caters well to these desires. Tourism officials in Indonesia are actively promoting Bali as a hub for digital nomads and high-earning remote workers, particularly those in the tech industry. To facilitate this, Indonesia has introduced a digital nomad visa that allows remote workers to stay in places like Bali tax-free for up to six months at a time.
This arrangement enables millennials to live, work, and enjoy life in a manner that aligns with their inclination to prioritize experiences and meaningful connections over material wealth. Renting a luxury villa in Bali costs a fraction of what it would in North America, Europe, or Australia, while also providing access to vibrant international communities, exciting recreational activities, and an overall affordable cost of living.
In fact, Indonesia is planning to make it even more convenient for millennials to move to Bali and pursue their dreams of prioritizing experiences over the daily grind. This month, the country’s Minister for Tourism and Creative Economies announced the forthcoming launch of a new Golden Visa. While details about the visa are yet to be revealed, it is rumored to be a residency-by-investment permit that aims to attract more high-earning remote workers, entrepreneurs, and business developers to Bali. The Ministry for Tourism and the Department of Immigration will be providing further information about the Golden Visa in the near future.
