For Millenials, if You Can’t Book It Online It Doesn’t Exist, Says Hostel Chain CEO

For millennials, if you cannot book it online, it is as if it does not exist, Yaron Burgin, co-founder and CEO of Israeli hostel chain Abraham Hostels and Tours Holdings Ltd., said Tuesday at Calcalist's Travel&Tech conference. The conference was held at Labs TLV, a coworking and events space in central Tel Aviv in collaboration with Israel's Bank Leumi.

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According to recent studies, young travelers between the ages of 18-35 are the fastest growing sect in the travel industry, and have even surpassed business travelers, Burgin said.

The biggest expense for young travelers is flights, said Burgin. The second most substantial expense is food and beverages, followed by accommodation, trailed by experiences. Burgin said he expects the amount of money the average young traveler spends on experiences to surpass the amount they spend on accommodations, by next year.

Abraham Hostels’ first location opened in Jerusalem in 2010. Since then, the company has opened additional locations in Tel Aviv and Nazareth and has launched a tour company called Abraham Tours operating daily trips to locations such as the West Bank, Jordan, and the Dead Sea. In March, Calcalist reported the company raised nearly $7 million and intends to open locations outside of Israel.