Millennials, anyone born between 1981 and 2000, are the largest generation since the Baby Boomers, and they are changing how everyone experiences travel. Gone are the days of bling and expensive cars, this generation is economizing when it comes to cars and homes and spending their on “experiences” instead.
Experiences more important than the material goals of former generations. As millennials come of age, they are influencing the consumption and travel behaviors of both older and younger generations, reports the Deloitte 2016 Travel and Hospitality Industry Outlook. Having lived through the drastic rise and fall of the U.S. economy, they are less materialistic than their parents and more cautious on how they spend their money. They are more likely to pass on a fancy car and large home, which would tie them down financially. They prefer to spend their money on picnics in the Canadian mountains or surfing in Thailand instead, reports the Harris Group. Whether it’s travel, work or family, Millennials are assigning greater importance on personal experiences than any other generation before them.
This is probably due to the fact that smartphones are ubiquitous, and they allow anyone to snap high quality, action-packed images as adventure strikes. According to the Harris study a lot of millennials' motivation to have adventures and experiences has to do with the photos they put on social media.
So what can you do to entice these Millennials? Take advantage of events that are happening close to you! Working within your community to find out how you can support events, through ads or by sponsoring them, will help you reach potential guests. Millennials are more likely to travel in groups or bring their young families with them so promoting apartments with kitchens and on-site laundry will appeal to them. Arranging social events like BBQ’s or group yoga classes will also entice this group to stay with you.