4 Key Facts About Millennials and Their Impact on Hotel Business

In recent years the term “Millennials” has been floating around in a number of articles, blogs and in passing conversation with little meaning or impact. Now it appears that Millennials are changing life and business as we know it.

Before we can fully understand the impact they have on our businesses within the hospitality and tourism world we need to know, who are the millennials?
Millennials is the term given to individuals who are born between 1982 and 2000, in accordance to Howe and Strauss. They are also referred to as Generation X.

Here are 4 key facts about our up and coming generation and what influence they could have on your business.

1) Digitally Native Consumers
Thanks to the introduction of some of our most influential technology during the years the Millennials were born they are now “experts” in this field with the majority being digitally savvy and fully dependent on technological devices. Everything they do now involves technology and their travel experiences are no different as 68% of millennials prefer making bookings online via a mobile device. These are the same people who also seek online travel related information before making a booking, looking for photos, videos, reviews, ratings and much more before clicking the “Book Now” button.

2) Explorers
Millennials are proving to be free spirits as they now favour experiences over material things with the majority of millennial travellers hoping to be inspired by destinations and authentic experiences. This is the very reason many hotels are now establishing relations with local attractions to add to the ‘millennial’ packages.

3) Free Marketing Agents
Thanks to their love for experiences and all things technological Millennials are proving to be the best market and sales representative a hotel could wish for. Studies have shown that the average Millennial now spends around 25 – 30 minutes a day on snap chat, 1 hour a week on Instagram and 50 minutes a day on Facebook. Not ones to miss out they like to share their experiences to their followers. Some hotels are utilising this by adding a unique feature that they deem “snapchat worthy” to encourage individuals to show off their hotel around the networking world.

4) Millennials Are The Now and Tomorrow of Travel
75 million people around the globe fall into the Millennial category, they make up a quarter of the UK population and spend over $200 billion annually on travel. These stats alone show that they are a force to be reckoned with and with specialists predicting they will make up over 50% of the world’s hotel guests by 2020 they certainly aren’t to be ignored or dismissed. The hotel giants Hilton have already acknowledged their impact by accounting for the Millennials needs and opening up Tru, hostel like accommodations which tick all of the above boxes and set the market alight.

Not all hotels have the same resources as Hilton and will not be able to make such drastic changes to appeal to the Millennials. Here at BookingBooster our team of experts can give you the tools, guidance and knowledge to free up your time to help your guests, not to have the stay of their lives, but the experience of their lives. Even before they get through your doors, the experience starts online.