Millennials and GenZ born between 1981 and 1996 make up roughly more than 23 percent of the global population. They are tech-savvy, well-connected with the world and not afraid to spend on things that give them a lifetime experience. This generation only changed the demographics of travelling to exotic destinations and checking into hotels but has also influenced the hospitality industry.
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“Although with COVID-19 in its endemic stage, millennial travellers are showing their enthusiasm for travel with 82% of them planning to take a family holiday this year, as per a recent study. Out of the total, nearly 56% are targeting to travel internationally while 44% looking to plan a domestic holiday. This comes as highly encouraging and influential news for the travel and hospitality industry giving it the boost that was required after the pandemic," says Ashish Sidhra, Co-founder of Alike.io.
Millennials’ showing uptick trend in travelling is attributed to their spending power and the rising health and safety concerns of baby boomers and older generations. The spending power of millennials has further advanced due to immense earning opportunities emerging in the market, international exposure and higher discretionary incomes. This boosts the demand for better hotels, leading to unprecedented growth in the hospitality industry. As per the facts – the occupancy in premium hotels across India witnessed a surge to 44-46 percent from 32-34 percent in the first five months of FY2022 to 13-15 percent in the first five months of FY2021.
Millennials – the forerunners of India’s economic workforce consider travel therapeutic after pandemic induced stay at home and work-from-home orders. Their urge to escape monotony, meet new people and explore new places result in their random travel plans. This allows the hospitality industry to ditch the conventional approach and meet the growing demand of travellers.
Key factors encouraging millennials to travel
The digital boom in the present world has birthed a new group of digitally-driven travellers. Millennials use the internet to make all commands right from sending requests for checking into hotels, booking airport transfers, and planning itineraries to making payments. With a little human intervention, they don’t mind planning their holiday on digital channels.
As digitalization has eliminated the boundaries between work and leisure, millennials are making room for leisure travel with work. Writers are writing their best pieces while staying in the midst of Maldives beaches while coders are coding for their company surrounded by the chilly winds of mountainous regions. This is enabling the hospitality industry to adopt an unusual approach to help their travellers maintain work-life harmony while not compromising on their travel plans.
As people become more conscious of their health and mental well-being, the trend of wellness travel is rising at an unprecedented pace. “The hospitality industry is exploring avenues to provide enriched experiences to its travellers looking to indulge in good health activities. It is offering them the idea to relax, unwind and rejuvenate while enjoying their stay with the property. Many premium hotels have also removed the time and space restrictions to lure the millennial travel base and turn them into brand advocates," adds Ashish.
Furthermore, the advent and accelerated use of social media has fuelled the urge to travelling. As millennials are keener on sharing their experience, travel for them is no longer a hidden experience. It is the new trend for millennial travellers to share their travel itineraries and make it publish them on social media they have invested in unique travel experiences whether it is about the property they stay with or any restaurant they dine out at during their stay.
The immersive experience of travel is further augmented by modern platforms that allow avid travellers to share their experiences in the form of useful content. People now look up to travel influencers to plan their travel based on their recommendations. This creates lucrative opportunities for travellers and turns their holiday into a profitable investment by using social media and their content as a monetizing platform.
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