Tag Archives: Baby Boomers

Hospitality Industry Management Update: “Hotels’ Lessons For Marketing to Multi-Generational Travelers”

“The marketing world is getting older and younger all at the same time but not in all the same places. The demographic picture is like a two-humped camel: a large group of Boomers (born 1946-1964)IMG_4934 and Millennials (born 1982-2000). The big opportunity for brands is strategically managing both of these groups at the same time. That applies to any number of stay occasions, including multi-generational trips together.

As summer inches closer in the U.S. so do the waves of grandparents and their families ready to relax and flex their spending power on vacations.

Multi-generational travel already has a strong showing at hotels and destinations around the world and if the 80 million people who will be considered older Americans by 2020 are any indication, this market will undoubtedly continue to flourish.

One Hotel’s Strategy 

Preferred Hotels and Resorts, previously Preferred Hotel Group, released the results of its national survey in December on U.S. multi-generational travelers. The findings emphasize that even though hotels need to think of this market holistically, the way properties communicate with the various generations should be differentiated.

“Millennials, for example, don’t want to feel like they’re being specifically marketed to,” said Lindsey Ueberroth, president and CEO of Preferred Hotels and Resorts. “This market stays longer and spends more. Grandparents are the ones who are paying for these vacations but it’s the millennials who are influencing where they’re going.”

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Hospitality Industry Management Update: “Millennials Have Youth, Baby Boomers Have Time and Money”

A recent Preferred Hotel Group survey found boomers want unique interludes for themselves and for multigenerational family groups. Yet, they typically don’t want to sleep in the same room as their children or grandchildren.Boomers-620x330 Seeing this trend, Preferred created a family rate that allows boomers to book two rooms—one for themselves and another for family at a 50 percent discount, says Michelle Woodley, SVP of distribution and revenue management. Promoting this sort of accommodation, distinct from inventory of traditional rooms, drives incremental revenue for the properties.

Hotels are going sleek and techie to woo millennials. But it’s the baby boomers who have the promise to keep brands’ pulses racing throughout a long relationship. Forbes estimates brand-loyal boomers spend a none-too-paltry $157 billion on travel every year. “Millennials are getting the buzz, but boomers are still the most valuable customers,” says Richard Jones, COO of Hospitality Ventures Management Group. “They have time and money, and leisure travel is their most desired activity. Projections show by 2017, 50 percent of the population will be over 50, control 70 percent of U.S. disposable income, and inherit $15 trillion over 20 years. Hotels can be a beneficiary of that.”

For more: http://bit.ly/1CZKV7q

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