The Millennial Mindset: A Fresh Approach to Travel
Let’s be honest—millennials think in a completely new and different way than generations before them. They have fresh desires and unique priorities in comparison to Baby Boomers. With nearly 80 million millennials in the USA alone, this generation is in a unique position to use their influence, opinions and alternative lifestyles to force businesses to target audiences with a fresh perspective.
The millennial revolution is here, and this new mind set is shifting our current economy. But how is this “revolution” different than generations prior? Always connected via technology and social media platforms, and always on the eternal search for adventure, your average 20-something is no longer driven to complete their college degree and jump head-first into a desk job. Instead, it’s travel that is on the forefront of their minds. Whether it’s “staycations” that keep them local, or exotic trips around the globe, they are lusting after it all.
Recent statistics have shown that in comparison to their parents’ Baby Boomer generation, millennials are much more likely to prioritize traveling over investing in a home or buckling down in order to pay off student loans or debt. Travel is no longer something that happens during spring break or over the holidays—millennials are seizing the day and turning travel into a year-round business. And traveling is no longer only about making sure you visit the historic museums and religious sites of your destination. More than any generation before them, millennials strive to experience new places as a local would—not as tourists.
This modern traveling generation wants to dive into the local food and bar scene. They spend money on experiences, not souvenirs. They travel solo, and prioritize immersing themselves into the local culture by living as a true local would. Discovering the hidden local watering hole or cruising back roads by foot or bike is more important to millennials than learning about the histories and religions of their vacation destinations.
What exactly does this all mean for an Airbnb property manager? Well, studies show that over 60% of all renters using Airbnb are millennials. In 2016, a study conducted by Airbnb showed that the booking rate of Airbnbs by millennials increased by nearly 120%. At this rate, it is estimated that millennials will make up over 75% of travelers and consumers by 2025.
Simply put, millennials are taking the travel industry by storm, and it is vital to target marketing and business strategies towards their desires, priorities and unique mind sets. Maintaining connectivity with millennials is crucial. Consider offering automated messaging systems with your booking in order to create timely responses without added effort. And remember that millennials like to feel as though their thoughts, ideas and preferences are being heard, so invite feedback, reviews and suggestions. Advertise on multiple social media platforms to remain current and relevant, and in order to expand your target audience. Finally, keep in mind that millennials are excited by the “experience” of a potential destination. Don’t just sell them your space—highlight the package experience that staying at your rental can offer them.