Published underTrends and Insights
Millennials are getting a lot of attention lately and rightly so. As the rising generation of consumers, they have a different perspective and approach to life, which is re-shaping and influencing the way we work, live and play.
Aged 18 – 35, the generation of Millennials (also known as Gen Ys) is already bigger than baby boomers globally, and by 2020 will represent 50% of the global workforce. In Australia, they represent 23% of the total population.
Their influential power is already evident with disruptive sharing economy businesses like Airbnb and Uber and they are redefining the workplace with the rise of collaborative co-working hubs.
A recent research survey undertaken by Junkee Media, Australia’s fastest growing media company targeting Millennials, said that 95% of their respondents indicated that Millennials value experience more than products, and good news for our industry, travel is their number one experience.
We must remember that this is the generation that created the mandatory gap year, and in the US Millennials travel 4.7 times more on business and 4.2 times more for leisure than other generations. As their number one experience, travel is always on millennials minds and in their hearts as they seek to acquire as many authentic and unique opportunities, which reinforce their individuality.
At our Melbourne LIVE forum this week we’re focussing on the Next Generation. We’ve identified that, as a visitor industry, we need to be up to speed on Millennials and their underlying drivers so our visitor experiences can meet their expectations.
Although Millennials may not be the visitor industry’s core customer today they will definitely be our core customer by 2020.
Next week I will be participating in the Vinnie’s CEO Sleepout on Thursday June 23 which aims to raise funds for Vinnie’s delivering of services to our homeless people. If you would like to support my sleepout please go to www.ceosleepout.org.au, and search for Laura Cavallo. Thank you in advance and to those who have already supported.