Millennials Are Changing Meetings
By Kelly Parisi Solutions Development Manager, Spear One | September 06, 2015
A generation of 'immediate gratification' often comes to mind when considering the Millennial stereotype. Rapidly-changing needs and preferences. Consumed with technology and over-socialized content. Distrust of traditional media and advertising. Yet, the Millennial demographic should not be overlooked.
According to Forbes, Millennials represent over a quarter of the population in America and hold $200 billion in annual buying power. To date, about 55 million "Millennials" (16-34 year-olds) form the largest share of the U.S. civilian workforce – surpassing 53 million in "Generation X" (35-50 year-olds), 44 million "Baby Boomers" (51-70 year olds), and 5 million of the "traditionalist" generation. With these non-traditional innovators influencing the market, hotels are wondering how to evolve and cater to this new audience.
Millennials Are Important for Brands
Elite Daily, an online news platform with over 74 million monthly unique visitors, published "Millennial Consumer Study" in 2015, surveying 1,300 Millennials on various consumer-related topics. The study debunked a common myth, revealing that Millennials (60 percent of those surveyed) are actually very loyal to brands. If hotels ignore Millennials now as they are just starting to buy, it will be harder to capture their loyalty in the future.
How do you capture their attention? Understand their values and interests? Hotels must act fast to recognize these new buyers' needs and adapt accordingly. And while points, perks and brand consistency are nice, Millennials are asking hotels to reach beyond the traditional loyalty program.
Authenticity and Your Own Backyard
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