A joint study by STB, Visa and McKinsey & Company revealed that over the next decade, Millennial Travellers (born between 1981 and 1995) will enter their peak earning and spending years, opening tremendous opportunities for the travel industry. According to the study, approximately 60 per cent of the world’s Millennials reside in Asia, with a third originating from either China or India. Even before entering the prime of their earning power, Millennials already account for almost 35 per cent of the US$600 billion that Asians spend on international travel. Driven by income growth, the Asian Millennials’ expenditure on international travel is expected to increase by 1.6 times to US$340 billion by 2020. Successfully capturing this next wave of consumer demand will thus require players to acquire an in-depth understanding of the Millennials. A paradox highlighted during the Summit was the severe skill shortage despite the significant rise in youth unemployment. Leaders recognised that proactive collaboration would be critical to plug the gap. Solutions proposed included engaging youth early, increasing interaction with education providers to develop suitable competencies, as well as building more coalitions with both allies and competitors. Get the full story at Travel Daily News