Why are millennials important?
Everyone is talking about Millennials today and nearly every tourism marketer is making them a priority ,f or businesses involved in the travel and tourism sector, it is hard to ignore millennial travelers as they constitute around one-fifth of international tourists and generate over US$180 billion in annual tourism revenue in 2016, growing at a CAGR of 30% during 2007–2016. Their share in international arrivals is expected to increase further over the coming years , so millennials are officially the largest generation in history, beating out Baby Boomers as the youngest generation with disposable income, they have secured their status as leaders in travel and tourism and they travel four times whereas the older generations, travels on average three times per year . Millennials group has grown up in an era where travel is cheaper and easier than ever before, and they are no longer want to feel like tourists, they are travelers looking for authentic and local experiences that’s why they are fully exploiting this advantage to travel in pursuit of new experiences.
Travel companies need to adapt swiftly by understanding the preferences of millennials.Millennials trust customer reviews more than advertising and word of mouth matters a lot for them. So, if you promise to satiate their hunger for a grandiose trip to Exotic destinations then be sure to receive more calls, as these places where millennials find themselves relaxing. For instance, millennials are more likely to book peer to peer accommodation than any other demographic cohort. Airbnb became a successful company by capitalizing on this opportunity.
Travel companies with millennials clients will get a lot of referrals, may be through their parents, colleagues or friends. They believe in sharing culture and seeking advice. In a way, millennials’ propensity to share and refer helps to bring in more business provided agents impress them with amazing and unique experiences.