Millennials: What we thought was wrong...kind of.
CBRE released a report this past week that focused on Millennial spending within the hospitality industry. What CBRE reported was interesting and contradicted some of what we've been led to believe the past few years about Millennial hospitality spending habits.
Various sources the past couple of years have told us that Millennial spend is lower than other generations, however the CBRE study found that Millennials spend more yearly than Gen Xer's and Baby Boomers. Not by much, but still they spend more. As we knew, Millennials are more willing to use newer accommodation services like AirBnB and other home/room share services, so hoteliers are struggling to figure out how to attract them to spend at their properties.
As the below article states, "Millennials desire not only a good product and service, but a shareable and transformative experience."
Some in the hotel industry feel like attracting Millennials is a mountain too steep to climb, yet we feel that there is an opportunity to create something magical that Millennials flock too. Marriott has jumped on this opportunity with their creation of their Moxy and ALoft collection. Other brands, such as Accor with their 21C concept, are also capitalizing.
Millennials want exciting, unique spaces, that are reflective of their surroundings and offer more "authentic" experiences. Shouldn't be too hard, should it?!!
Here's a link to the full article:
Also, HospitalityNet released a new article on the subject. Some key items from their research are:
1. 73% of Millennials check a companies Social Media pages before booking
2. 33% will not book at a property that doesn't have a Social Media presence
3. 97% of Millennials will post their travel highlights on Social Media!
4. 90% use Facebook to get inspiration on where to travel
Link to the full article: