You may like or dislike them. But millennials are significant players in the hospitality industry. Here are statistics to help you capitalize on them.

H1: Interesting Trends and Stats Hotels Should Capitalize on to Keep Millennial Travelers

Since they made a grand entry into the world between the early 80s and the late 90s, the millennials are a generational force to reckon with. They may not have all the billions in the world to spend, and they may not be controlling the economy, but any industry that ignores them is bound to fail since even the so-
called big players who control the earth's economy can't ignore them. As experts in the hospitality industry with much research held in the field and many papers published on the subject, 10pagepapers.com knows the power of this market segment in the hotel. With such awareness in our minds and facts on our fingertips, we present to you some of the most interesting research-based data that you can use to harness and exploit this powerful market segment.

H2: A force to reckon with

Based on the Cornell Center for Hospitality Research, we expect Millennials to represent up to half of all the people who travel to the USA before the year 2025. However, there is a caveat to the whole deal. The reason is that these travelers do not like the conventional way of travelling or experiencing travelling. They are more inclined towards tech-savvy experiences and hence, if you are in the hospitality industry, it is necessary to dance to their tune to get their business. Most of them love free WIFI hotels where they can enjoy the communication on the social media. For example, they want to take memorable pics as they travel and post them on Facebook and Instagram. Moreover, they also want to learn something bigger and deeper than the photos they post on the social media. If you are a company that takes serious the trending habits of such a segment, you can position yourself to get the best out of them. For example, these people love cheaper accommodation rates and packages. Unless you are targeting their parents who already made millions before retiring, you need to adapt your packages to suit their purchasing power. If you do this, you can be sure that they will reciprocate in a big way by boasting about the "kills" they made on social media platforms, hence creating free awareness for your business.

H2: These figures are worth noting

Here are some very fascinating facts and figures about this demographic segment that can help you in making necessary adjustments to accommodate it. Just look at them.

  • Millennials constitute more than one-
    third of all the hotel guests, not just in the US, but the world over. Additionally, these figures will cross the 50 percent mark by the time we hit 2020.
  • About 21 percent of millennial travelers say that they use their tables to shop for hotel accommodation when they are travelling. These figures mean that you need to adjust everything to fit the mobile-friendly mode to get these millennials into the fold. Moreover, 55 percent of those who participated in the research said that they use their smartphones to shop for hotels and lodges.
  • Additionally, 31 percent of these young travelers plan their travels at least one to three months in advance. In addition, 29 percent of those who took part in the interview said that they book their rooms at least three to four weeks before checking in.
  • In addition, the research shows that a whopping 87 percent of them said they still use computers to shop and they prefer using home computers to make bookings.
  • In the research, a mere 9 percent of the millennials said they had booked leisure travel a week to the material date in the last one year before the interview.
  • Also, the interviews of the research found out that a mere 11 percent of the millennial travelers booked their travel more than three months ahead of time.
  • Regarding their referral inclinations to hotels when traveling, these young people said that they trust the referrals of their friends, coworkers, and family members more than that of any other person. They gave these relationships a commendable 83 percent trust rating.
  • Apart from their friends and relatives, millennials also trust credible review websites as the source of information they use to make decisions on where to lodge. For instance, they gave a site like TripAdvisor an 81% approval rating and a 76 percent rating for OTAs.
  • Lastly, 65 percent of the correspondents said that they took at least one business trip in the past one year leading to the research. However, they attached something extra to those trips by turning them into opportunities for pleasure and enjoyment.

For any serious player in the hospitality industry, understanding the demographics of your existing and potential customers is crucial. Knowing the current and future trends defining and punctuating their needs and tastes is instrumental in positioning your products strategically. With millennials playing a significant role in the hospitality industry, it is also critical to know what makes them tick. We believe that the facts and statistics we have shared in this post will go a long way in helping you to position your services and products strategically to get your deserved share of this market segment.