You might not think millennials are your perfect target market. They are either too young, too rowdy, or not willing to spend the money. In reality, they are young, technologically savvy, experienced driven, and willing to spend the extra dime for it.
According to Forbes, millennials are the largest segment of the U.S. workforce, and they take up more than a quarter of the world's population and still growing. In a recent survey by Topdeck Travel, millennials are 88 percent likely to travel overseas between one and three times a year; 94 percent were between the ages of 18-30; 30 percent traveled solo; and the majority traveled in Europe, North America and Australia/New Zealand.
Now that you may have an idea of the worth millennials provide to the hospitality industry, how do you peak their interest? Millennials are very similar to the generation before them just maybe more enhanced. Don’t believe us? The survey conducted by Topdeck found that, travelers aged 18 -24 rated experiencing a new culture (86%) and local cuisine (69%) as the top two most important motivators for their travel experience. Millennials are no longer looking for the party animal atmosphere you may think they are. They value the cultural experience more than anything. According to Amex Travel, they also value “in-room tech,” as an appealing hotel trend. Millennials value the experiences they wouldn’t get in their own home and hotels have the right outlets to provide that experience.
How will hotel's survive the new waves millennials bring into this world? For instance, Airbnb’s have taken over the world and given travelers an opportunity to travel in a way that hasn’t been offered before. Some of the perks millennials see in an Airbnb is privacy, low cost, and ability to live like a local. Luckily, the fad hasn’t completely resonated with all travelers. Amex Travel suggests that 76.3% of Millennials prefer to stay in a traditional hotel room. Where they are able to get privacy but with cleaning service as well, and the opportunity to talk to a trusted local from the hotel staff.
When planning their next big adventure millennials look to their friends, what’s on sale, and social media. This has given hotel’s the opportunity to showcase their personality in a new way, create promotions that their guests really value, and provide service that guests can’t stop talking about. Hotels take a look into what their hotel can offer the new wave of millennials.
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