Millennials, the generation born between 1980 and 2000 are fast becoming one of the most influential groups of individuals across a number of business sectors.
It is widely predicted that the tech-savvy group will account for close to 50% of all business travel spending by 2020, making them a group no one can afford to ignore.
In 2013 millennials comprised roughly one-third of the total population, and by the year 2025 they are expected to make up 75% of the global workforce, according to (Deloitte Global).
For brands, understanding the needs, expectations, and habits of this generation is a must as we witness first hand how they are shaping the travel industry. So how can brands capitalize on this and adjust their offering to appeal to this audience?
To keep abreast of these trends Premier Hotels and Resorts are actively researching and amending their offering to suit the needs of this vital target market.
Here are some elements to consider…
1. Bleisure travel
Millennials mix their personal and professional lives with many working flexible hours.
They spend their days out doing leisure activities and work lengthy hours in the evening. They do not follow the traditional business hours, embracing this flexibility and freedom when it comes to travel, they often extend their business trips to include additional leisure days.
2. Social Media needs to be on POINT!
Millennials are the first generation to have their entire lives deeply entrenched and influenced by digital technology. It’s perhaps the generation’s most defining feature.
They’re connected to their smartphones and laptops 24/7 and aren’t looking to cut that umbilical cord any time soon. And when it comes to leisure, whether it’s travel experiences or dining out, social media plays a crucial role in the decision making process.
Their choices are defined by personal research conducted, from scanning hashtags, handles to glancing over their peers’ social media platforms. If a high profile influencer visits a spot and posts a great review, they are more eager to find out more.
3. Earned” Brand Loyalty”
Millennials love a bargain and will not hesitate to jump between brands and move on to something better. While the brand name may not be enough to win them over, millennials can be persuaded toward lasting loyalty with highly personalized communications.
In fact, according to our survey, millennials who prefer personalized messages from brands have a 28% stronger brand loyalty than those who don't prefer such messages.
As the millennial demographic continues to grow, it is crucial for brands to understand how to communicate with them and captivate their attention. With millennials about to dominate the global workforce, is it now time to understand this demographic better.
Millennials are a generation that is changing the rules of the game, Premier Hotels & Resorts, therefore, intends to tear up their rule book for traditional tourism and offer this generation what they really want.