Millennials, also known as Generation Y, are consumers born between the early-1980s to early 2000s, who will be key for the post-pandemic recovery for the travel and hospitality industry during the third year of the Covid-19 pandemic. According to the World Economic Forum, “there are approximately 1.8 billion millennials around the world, or 23 percent of the global population.”
Millennials are savvy consumers with the disposable income to transform ordinary brands into global phenomena. “In North America, millennials are projected to see a 10 percent increase in spending by 2025,” according to World Economic Forum.
Allen Marketing Communications, Inc., a boutique travel and lifestyle public relations agency based in New York City shares insights about key trends as it pertains to Millennials.
After nearly two and half years of lockdown, Millennials are making a list and checking off their bucket list destinations once again. Travel marketers view this demographic as key to the post-travel recovery since this population has the disposable income to splurge on the once in a lifetime vacation.
“High-income millennials are set to drive the post-pandemic travel boom, according to a new survey from Accenture and TripAdvisor that polled 1,000 Americans. It defined millennial high earners as those raking in at least $100,000 a year. This cohort is most likely to spend big on travel this year, comprising the highest rate of luxury bookings (trips costing at least $5,000) among all other generations surveyed,” according to Business Insider.
An interesting fact about this generation – Millennials will use a travel advisor to create a memory of a lifetime with their next adventure.
Food and Beverage
The Covid-19 pandemic has sparked a trend – meals to go kits – customers purchase ingredients from restaurants and then assemble and prepare the dishes at home. This trend is here to stay.
National Restaurant Association reveals “Millennials and Gen Z’s also hunger for make-at-home meal kits that contain pre-measured ingredients, along with cooking instructions. Eight in 10 of them are inclined to purchase a meal kit if offered by one of their favorite restaurants, compared with 47 percent of Gen Xers and 33 percent of Baby Boomers.”
Another trend that has emerged during the pandemic – batched cocktails to go. Batched cocktails to go have been a lifeline for many restaurants, providing a desperately new source of revenue during the shutdown.
Research shows, “62 percent of millennials say the option of including alcohol with a takeout or delivery order would make them more inclined to choose one restaurant over another similar restaurant,” according to the National Restaurant Association.
Despite the meal prep kits and batched cocktails to go, Millennials are still eating out at restaurants, often experimenting with new cuisines.
Instagram is turning out to be “InstaPassports'' for the travel industry and “InstaPurchases” for consumer products. Millennials are very comfortable with social media and it is important to identify the appropriate channel – Facebook, Instagram, SnapChat, Pinterest, and YouTube – to reach these influential customers.
According to TNMT, “87percent of millennials said they use social media for travel inspiration. This inspiration is often collected on smartphones in idle moments, like during commuting (69 percent), or while eating (56 percent), as determined in a study from Google and Ipsos.
It is important to post stunning photos on your social media platform to attract this generation. However, research is showing that video content will inspire online bookings from Millennials.
Savvy marketers should integrate online payment options on their social media platforms to facilitate the direct bookings from Millennials.
Our travel and lifestyle NYC PR agency is here to help marketers reach this influential demographic group. Give us a call.
By Joanna Allen, chief executive officer, Allen Marketing Communications, Inc.