A report released by the Boston Consulting Group last year depicted figures that detail how millennials will bypass their elders and make up the biggest travel demographic in 5-10 years.

A lot of change has occurred to shift the balance from baby boomers, who are still major spenders, to the younger generations. One would think that the uncertainties of the economy would lead to people hanging onto their jobs for dear life, but on the contrary it has led to a more daring and free-spirited generation that wants to see more of the world.

Social media and emerging technology have shrunk the global economy and enabled businesses to expand beyond horizons faster than ever before. As distant lands became more accessible, young minds were naturally beckoned to explore. Since these young travelers are more tech savvy than their older counterparts and totally immersed in social media, the industry has been quick to capitalize.

Last month's Skift trends report "Social media customer service in the travel industry" shows that businesses are focusing on new ideas and strategies to leverage the social media better in order to increase their market share. The larger share of the pie that each has in mind can only be secured by hooking in young minds through smart social media campaigns.

Millennials, who are being termed as the fastest-growing age segment in the travel industry, are completely redefining the meaning of travel. No more standard vacations for them when they can have adventures and explorations. The world has opened up for them, and they want to explore remote destinations and travel for longer durations than the standard two-week-per-year vacations.

Millennials are willing to rough it out and experiment on off-beat routes — both for international and domestic travel. In the recent economic downturn, millennials faced more unemployment than their older generations, which embittered them toward the traditional options and usual retirement plans that made the average American feel safe about the future. Hardships and increasing skepticism led them to re-evaluate their options, and in the meanwhile take a break to travel.

In this regard, their age is a distinct advantage as they are more flexible about facilities and accommodations and are even willing to work their way across the world. Backpacking around the world is no longer considered an irresponsible thing, but rather an innovative approach to life — especially when working in various fields can actually add to their resumes.

From working as an English teacher in the Far East to coordinating call-center lingo in India, from waitressing in Europe to interning in the PR agencies of emerging economies, there is something for every millennial who wants to see the world.

It gives them an opportunity to learn new languages and also experience firsthand how global businesses are evolving. An impressive addition to their resumes can now be coupled with the opportunity to see far-flung places, which adds to a whole new concept of travel.

Among all destinations, Europe is still the preferred choice, as 50 percent of millennial respondents in the latest MMGY Global survey have named it in their travel plans for the next two years. The survey, 2014 Portrait of American Travelers, aptly reveals a different target market that needs to be explored and developed right away.

Businesses have to focus more on social media, upgrade and improve their Web presence and have more online deals. This allows millennials easy sharing of their experiences online, which 97 percent of them are prone to do.

Millennials are more willing to spend money than the older, more cautious generations, which makes them the driving force behind travel industry recovery. According to a study released by Chase Card Services, millennials are not only willing to spend but also more amiable to use additional services like spa or laundry options, which means extra revenue for hotels.