Industry Insights

How Millennial Travel Are Taking Over The Industry

July 20, 2017 |

The revolution is upon us. Today’s Millennials think and act in a completely different dynamic, and with over 80 million Millennials in the USA alone they have now outnumbered the Baby Boomers. This generation is hitting its prime. Millennials are about to reshape our economy. Their unique desires will change the ways we spend money, forcing businesses to market in an entirely new fashion.

The takeaway? This generation is a whole lot different than what this world has ever known. Always connected, and constantly looking for an adventure, your average 20 year old is no longer looking to finish university and move on to a 9-5 office job. Travel is what’s on their mind. They want it all – from the most exotic to the most centrally located.

Surveys show that millennials traveling have different priorities than the baby boomer generation. They prefer traveling over buying a home or paying off their debt. People are no longer booking their vacations during their usual winter or spring break. Traveling has become a year-round industry. If the opportunity arises, it is seized. Carpe diem.

Being a modern-day traveler is more than simply about seeing new places around the world, but also about gaining new experiences. Over 80% of millennials seek unique travel opportunities, looking to connect to the place they travel, like a local, rather than visit the city as a tourist.

People have always enjoyed and prioritized experiencing different cultures, so how is this different for Millennials? Taking a vacation as a tourist has become passé. The traveling generation wants to experience the local restaurants, bars, and nightlife. They travel solo, and mingle with the locals. Money is spent on adventures, rather than souvenirs. Discovering hidden local places, is more important to them than learning about the history of their destinations.

Research points to the average millennial wanting to experiment with different opportunities, not only through travel but in the social world as well. The added factor of social media, has created a platform for sharing their love of travel with others and has created a social currency and status.

So what does all of this mean for property managers?

Millennials are part of the growing Airbnb community. Over 60% of all guests who book through Airbnb are millennials. In a recent study conducted by Airbnb in the year 2016, the number of millennials who used Airbnb had increased by more than 120%. By 2025 they will account for 75% of all consumers and travelers. Millennials are taking over the travel industry. It is crucial to focus business strategy to appeal to this generation. Doing so, keep in mind what they want.

With all the advanced technology around them, they like to be constantly connected, especially to those who are providing services for them. By offering special tools, like using automated messages system you can create immediate responses and contact without any effort. With their heads always on their phones, they are expecting their messages to be answered quickly. It is possible to provide a fast answer using Guesty’s automation tools and 24/7 guest communication. With this type of around-the-clock service that Guesty provides, property managers will find guests, not only leaving outstanding reviews but also running back to visit.

Maintaining open interaction is key. Millennials like to have a voice, so invite their ideas and feedback. and encouraging them to share, post check-out emails requesting a review of their experience. Cultivate an engaging online presence — and platform for sharing. Guesty allows property managers to attain this status through the use of unified inbox, and automation tools.

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