The Generation Y, or millennials, is now employed. This tech-savvy people under 34 are shaking up the new business travel industry. (Tourism Intelligence Network)
THE MILLENNIALS’ POTENTIALS
In the US, millennials account for one third of business flight passengers. Millennials will become the major business flight passengers by 2020, whereas baby boomers will only account for 11%. Millennials spend more money during their business trip than any other generation. They are ready to ask for an upgrade or pay an extra charge for Wifi on board or a better dinner. Even if they are ready to subscribe to a loyalty program, they are less loyal to a brand than older generations. They have also not the same expectations from it. Whereas the baby boomers expect to be outclassed, millennials want a reduced or free trip.
CONNECTED AND SPONTANEOUS
Last-minute bookings, journey changes and purchases of refundable tickets are common among millennials. Mobile devices and apps are essential tools for their travel experience. Millennials use mobile devices to book their travel: 32% use their smartphone and 20% use a tablet. Social media and reviews are also important for them when planning a trip, but also to comment on their travel experience, even negatively. Among the under 34 years old consumers, 26% have posted a negative review last year, whereas there were only 14% among the 35 and over.
BLEISURE IS THE NEW TREND
The frontiers between business and leisure travel are more and more blurred. Millennials don’t hesitate to book a longer stay to enjoy a new city during a business trip. Discovering a new city is indeed the most exciting part of a business trip for 65% of millennials. Besides, millennials look forward to meeting other people and locals. That’s why, hostels have more and more business customers. Generator Hostels report that during the week and in a low season, 20% of the customers are young business travellers.
OPPORTUNITIES FOR THE TRAVEL INDUSTRY
Young business travellers have specific expectations and need personalised offers. The hostel Fusion in Prague has understood that and has therefore developed an offer for young business travellers. The Fusion is a hostel and a hotel at the same time. It offers apartments, thematics rooms and dormitory rooms and at the same time a designer lounge and playroom. Free and fast wifi, Skype box for video calls and free PC for customers are provided. For leisure travellers, the hostel offers an iTunes DJ, electronic games and live music. The hostel also uses social media to allow its customers to meet online even before their stay.
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