The old adage goes: “the children are our future”. However, in the travel world, Millennials are the future. While sounding like a futuristic robot or alien race that has been sent to take over the world, or even just a scientific experiment, Millennials are actually normal beings that walk amongst us; they may even be unaware of their “Millennial” status. This is because Millennial, or Generation Y, is simply another term for the generation that was born in the 1980s to early 1990s and is used to classify them seeing as like previous generations, they have characteristics that commonly typify them. For instance, having been brought up in the technological era of the nineties and the noughties, Millennials are predominantly known for their tech-savviness and how they have a constant need to be connected. How do I know this? Well apart from numerous studies to back this, I myself am a Broadband Baby (that is as close as you will get to discovering my age!) and am well aware of the desire to be consistently connected online. Social media forms a major part of my internship after all, only testifying to my Millennial status.
Why are Millennials so important to the travel industry? Well, as illustrated by STA Travel forming a Travel Management Company and creating a specific brand for Millennial business travellers, it is clear that they are becoming a lucrative travel market with increasing numbers of younger persons engaging in business travel and having a unique set of wants and needs that businesses have to cater for. According to the Harvard Business Review, Millennials will account for 50% of the world’s working population by 2020, and already they may comprise the majority in certain firms. Consequently, it is clear that Millennial business travel will only be on an increasing surge and so it is pivotal to satisfy their requirements to capitalise on their market potential. In the US, it has been reported that Millennials are set to become the most populated generation in the nation as well as having $226 billion to spend on travel in 2015; making them desirable in terms of both market size and disposable income.
As can be seen, Skift (a Travel Marketing Intelligence firm) and SACO have both done some investigation into Millennials and the characteristics that tend to differentiate them from other generations (which can be viewed here):
Considering the range of characteristics that tend to be reflected by Millennials, serviced apartments such as The Spires (not to name drop ourselves or anything!) are the perfect accommodation choice to satisfy them whether they travel for business or leisure. Obviously, top of many a Millennial’s Accommodation Wish list is that all-important accessory that we need like air; Wi-Fi. Thankfully, here at The Spires we can accommodate this with the provision of high-speed Wifi.
Likewise, many Millennials are all about cost-effectiveness and saving money so that they can spend them on experiences instead, something which serviced apartments can greatly help with as we highlighted in a previous blog (https://thespiressuites.wordpress.com/2015/03/09/serviced-apartments-the-cost-effective-alternative/). Through cooking their own food and sharing the apartment with other co-workers or friends, not only can they cut on costs, but they can simultaneously satisfy their desire to stay in a “social” location and to fuel their healthy diets. Linking to the social aspect, Millennials are really eager to participate in networking and have a preference for “blended” living areas such as having their own bedroom but with shared areas such as open-plan kitchens and lounges. This can be accounted for when it is considered how Millennials are twice more likely than preceding generations to consider serviced apartments as being a “social” accommodation choice.
Moreover, Millennials are always on the go and are looking to stay in locations that are conveniently located near all major attractions and business hubs. This is a need that The Spires can particularly help with due to our extremely city-central locations in Glasgow, Aberdeen, Birmingham and Edinburgh alike. When travellers stay with us, they are not more than a minutes’ walk from all the entertainment and action that these busy cities have to offer. A particular trend that STA noticed and is trying to cater for by creating a specific brand for Millennial business travellers is how 69% of 18-35 year old mix up their business trip by adding a leisure component to it. This fits with how Millennials tend to be characterised by their passion for travelling and having experiences. Consequently, serviced apartments like The Spires are an even more perfect match for their requirements. The likes of our Birmingham, Aberdeen and Glasgow apartments are perfectly situated in business hubs which also boast a wide array of attractions and scenery as well as the bustling city life associated with such historic but modern, dynamic and cosmopolitan cities.
However, no matter how old we are and what generation we happen to be classified under, a comfy, warm bed is always our main priority and here at The Spires, you can always trust us to provide that!
A fellow Millennial signing off….