Seniors Vs. Millennials: Today's Two Most Travel-seeking Populations
Paradigm shifts are underway in the travel industry. These transformations have been supercharged by changing generational priorities. Targeting both markets is an art that requires knowing what each has in common (spoiler: a penchant for international travel) and what makes them unique.
Theyâre fit. Theyâre young at heart. And they have disposable income. The youngest of this generation are 50 years old, and just receiving their AARP cards in the mail. The oldest are 68, and two years into receiving their social security checks.
These travelers are the first to grow up as digital natives. Today, hyper-connected Millennials range from college freshman to those in their early thirties with young families. In the next 5-10 years, these optimistic go-getters will be in their peak earning years.
While both expect extraordinary customer service, they value many things differently. The three examples below showcase new factors affecting what they think is important and what they value most.
Boomers have a single social media account.
Millennials have multiple social media accounts.
Boomers are in many ways still brand loyal. This includes which tools they use to validate the reputation of tourism destinations and activities. According to GlobalWebIndex, a London-based market research firm, 70% of this population has a Facebook account (Q2 2014 Generations report) with a minority reporting subscriptions to other platforms.
Tip: Market to Boomers on Facebook.
Millennials deny the idea of brand loyalty in favor of a more democratic approach that values getting information from a variety of sources. This explains why they have more accounts than seniors on Twitter, Instagram, Youtube, and Google+, beyond just Facebook.
Tip: Market to Millennials on YouTube (where 72% have accounts) and on Instagram (which has seen a 25% increase in Millennial usage in 1H 2014)
Boomers are increasingly booking via mobile.
Millennials are increasingly booking via tablet.
Now, 39% of people ages 55-64 own a smartphone according to Pew Researchâs Smartphone Ownership 2013). So last-minute bookings via smartphones are growing exponentiallyâespecially geo-targeted ones. That goes for where to eat (Yelp), how to get there (Uber), and who to meet (Match). Itâs no longer a long, involved research process that requires a laptop with multiple browsers open for research. Boomers have the online reviews and information to confidently make reservations on the go.
Tip: Make your website mobile-friendly (e.g. responsive HTML5 formatting) that makes travel research/reviews easy to read on a small screen.
This is the case for Millennials too, however they also turn to their tablets as a mobile booking tool. The Generations report explains this inclination to new tech, stating that 30% of this younger group has used a tablet to go online within the last month compared to 23% of Boomers.
Tip: Create a mobile app that translates easily to tablets.
Millennials want to share.
Boomers are accustomed to a certain level of comfort and privacy, yet are highly engaged in active endeavors. They use travel as a time to reflect and climb Maslowâs Hierarchy of Needs and strengthen their esteem and self-actualization attempts.
Tip: Compile travel packages driven by holistic and health benefits (e.g. Active.com events and meditation retreats)
Millennials are the force behind what the Economist coined âthe sharing economyâ in 2013. This group is feeling more informed and therefore more confident to go off the beaten path. This takes them in search of experiences recommended online by like-minded travellers and guides them toward indigenous cuisine and more interaction with locals, including even staying in their homes. They are seeking authenticity. Not a replicated hotel experience. Not even something they could see on Google Maps. They are looking for original moments, people, and activities.
Tip: Compile travel packages driven by collaborative consumption (e.g. using SideCar for ride-sharing or Airbnb for room-sharing)
The goal here is to talk to each target where they already are and in a manner that theyâll respond to. The research is there. Itâs time to use it to serve the traveller and grow your business.