They are poised to change the economy, but what do we know about millennials and their spending and travel habits? And even more, why should travel companies crave them as customers?
If you’re working in a travel agency, one of your main goals is to increase sales. Well, one of the ways to achieve that is to be fully aware of your buyer persona. Today, the leading buyer persona in the world are millennials, and travel agencies need to adapt their services to meet their needs.
A different point of view
Millennials have come of age during a time of technological change, globalization, and economic disruption. That’s given them a different set of behaviors and experiences than their parents.
There have been endless talks about the influence the millennials are making on the overall society, some more, and some less judgmental. No matter the critics, this generation has created a completely new view on life, technology, economy, and travel.
Before anything else, millennials value brands that enhance their lives. Today, a total of 80% of them want the brand they’re involved with to entertain them.
While the talk about the impact they’re having on life and economy is important and somewhat inspirational, for travel companies around the world it is much more important to discuss the technology and travel segment.
The tech generation
So, let’s start now. Millennials are, when you look at it, a simple generation. They are technologically advanced than any other generation so far, and it makes for no surprise that they base many of their experiences on technology. Almost 60% of them are the very first to try out new technology, and everything they do, they make sure to do it digitally if possible.
This fact right here presents a rather large window for any business today to try to gain their interest, and more importantly, to create a relationship with them as customers.
Many companies around the world have managed to succeed in that challenge. Make no mistake, there are as many companies that believe millennials are not good for their business as there are the ones that do.
Need for new experiences
It’s most likely an opinion formed on the outgoing nature of millennials and their life habits, but what many fail to understand is the following – they want new experiences, which are more important to them than material goods.
So, why should any travel company today want them as customers? It’s easy to explain. The latest research shows that 75% of millennials would love to travel abroad, while 69% of them claim to seek adventure. Half of all millennials report making four or more overnight trips!
While they are technologically independent and have the tendency to create their own travel itineraries, they would be engaged much more in purchasing a creative package from a travel agency which they find interesting and useful.
The Millennial Traveler, the endless explorer thirsty for knowledge, prefers to travel to learn something new. They’re prone to taking last minute trips to satisfy sudden wanderlust.
Social media plays a pivotal role in how the millennial traveler makes their decisions. In fact, 87% are looking at Facebook for travel inspiration. Just take a look at our infographics to get a better understanding.
Travel companies should capture the millennial market by adjusting their services and their marketing approach and should be prepared to explore new ways to take advantage of millennials’ spontaneity. This generation is persistent in making a more deeper connection with brands than any other to this date, and it would be a shame to miss out on such an opportunity.