Millennials And Gen Z Driving Travel Demand
GlobalData reports that with two billion holiday takers within the age range 25-34 in 2021, the second highest for its number of holiday takers, behind 35-49, travel and tourism companies need to target millennials and Gen Z with offerings away from busy summer periods that create value for money and authentic experiences.
The data and analytics company points out that a significant contributing factor as to why there are so many holiday takers in the 25-34 age range is their ability to travel during off-peak periods.
And, it says, many young millennial and Gen Z travellers have no children or major responsibilities in terms of occupational and financial obligations.
Ralph Hollister, travel and tourism analyst at GlobalData, said that: “With prices for flights and accommodation being their cheapest in times of low demand, many young travellers in Europe, for example, will often holiday internationally in March or November. If low-cost carriers (LCCs) and budget accommodation providers are offering rock bottom prices, they may even travel more than once in off-peak periods during the same year.”
As well, off-peak trips can offer higher levels of authenticity and personalization. According to GlobalData’s Q1 2021 Consumer Survey, 27% of Gen Z and 26% of millennials stated that they are ‘always’ influenced by how well a product or service is tailored to their needs and personality. These were the two highest percentages when compared to the remaining age cohorts that responded to this question.
Said Hollister: “During peak tourism months in established destinations, visitor numbers will often outweigh the number of local residents, and all aspects of tourism infrastructure will be overcrowded. In off-peak months, travellers are more likely to have meaningful interactions with locals and experience cultural and natural attractions in a more intimate fashion due to less crowding. This allows for a better overall experience and a more positive perception of a destination.”
And he concluded: “As destinations and travel companies continue to recover from the pandemic, younger travellers that can more easily travel in off-peak months should be targeted with low cost and authentic experiences. This will reduce the impact of seasonality and boost revenue.”
Go to www.globaldata.com for more.