Millennials have become the fastest growing customer segment within the hospitality industry:
Exploration, interaction and experience are the major focus of Millennials who are willing to pay more for a greater experience. Many of them are looking for an overall gourmet experience for a reasonable price and this has produced all new lobby designs in the hotel sector. Lobby bars and hotel restaurants are wide open with combination work, play and eat/drink spaces designed with this Millennial customer in mind, one who is a “party of one” but “hanging out together.” They are looking for a unique and novel experience and this has and will continue to command change within the market.
Moreover, this customer segment is interested in utilizing technology to do things that many others have become accustomed to doing manually: checking in at hotels, paying their restaurant and bar bills and looking up places to eat, shop and play to name a few. In addition to wanting technology, Millennials have no problems speaking up. If what they are seeking is not handled to their liking, they will turn to Twitter, Facebook, Yelp or TripAdvisor to voice their complaints. And last but not least, 59 percent of Millennials stayed at independent hotels last year, 20 percent more than boomers and double those 70 and over, according to MMGY. They currently represent 32 percent of all US travelers and by 2025 will represent over 50 percent of all travelers.