Luxury Hoteliers Believe Customization Is Key to Winning Over Millennials
If you’re still wondering about the value of engagement and retail training take a look at what the experts say.
Smart hoteliers know they can’t afford to ignore the next generation of luxury travelers. Why? Because they are an economic force to be reckoned with.
Millennials, or those born between 1981 to 1997, already surpassed baby boomers as the largest generation in the U.S. two years ago. And globally, millennials number about 2 billion, making up roughly 27 percent of the world’s population. That’s not counting Generation Z, those born beginning in 1998, who are expected to eclipse millennials in size, according to Goldman Sachs Global Investment Research.
“Luxury hotels need to embrace the younger generation — and the older generation of travelers,” said Pat King, CEO of the Doyle Collection. “That’s a non-negotiable.”
UNDERSTANDING THE NEXT GENERATION’S SPENDING POWER
Just how valuable is the next generation of luxury travelers to hotel companies?
“I think we’ve underestimated the millennial generation’s power in luxury,” said Jenni Benzaquen, vice president of luxury brands in Europe for Marriott International. “They are making and spending money and they are so obsessed with experiences. For us, this is our bread and butter.”
She said more than 50 percent of luxury spend would come from millennials over the next four years.
UNDERSTANDING WHAT THEY REALLY WANT
“Personalization is what they want,” said Benzaquen. “Luxury used to be one thing to one person but it’s no longer about white gloves and white tablecloths. There’s no more formality in luxury and hotels need to understand our guests. They want what’s unforgettable and unique, and they have a thirst for the unknown and they are going to markets where their friends haven’t been before.”
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