By 2020 or sooner, millennials might dominate the travel demographic. Hoteliers need to understand the nuances of this group of guests and be prepared with product and services that meet their needs and expectations, sources said.
“The number of millennial travelers is significant and growing fast,” said Jason Dorsey, chief strategy officer of The Center for Generational Kinetics, a consulting firm focusing on issues of millennial consumers. “It appears by 2017 millennials will outspend baby boomers on hotels. This will be a defining moment given that many hotel brands grew rapidly because of the boomers and all of a sudden the people with wallets are the millennials.”
According to Anna Blount, research manager at travel marketing agency MMGY Global, millennials are already more likely to take vacations than those in older generations. According to research conducted by the agency, 24% of millennials are planning to take more overnight leisure trips in the coming year than in the previous 12 months, she said.
“They are the most passionate about travel; and they have the most motivation about why they want to travel; and they are the ones who want to take more trips, go see more places and spend more money on experiences than on things,” she said.