HomeMy WebLinkAbout7.c.1. Millennials Report_June 2015As Boomers age, Millennials are
becoming a higher opportunity target.
But they are still interconnected with Boomers,
sharing the same sense of adventure and
value of family time.
TREND 1:
RISE OF
MULTI-GENERATIONAL
VACATIONS
Multi-Generational travel, deconstructed.
Leisure travel is no longer just for the traditional
nuclear family.
Multi-Generational travel is defined as leisure trips
that include three generations of participants.
32% of all domestic trips are Multi-Generational.
Source: Preferred Group Hotel 2014, MMYG Global 2014.
35%
Boomers fund Multi-
Generational trips vs
25% of Gen Xers.
40%
Both Boomers and Gen
Xers say Millennials
“actively participate in or
influence” vacation
planning.
49%
All Multi-Generational
travelers say Millennials
influence the selection of
the hotel or resort.
In Multi-Generational trips, Millennials and
Boomers have a symbiotic relationship.
Source: Preferred Group Hotel 2014, MMYG Global 2014.
Because enjoying family time and making
memories are key.
Boomers take Multi-Generational trips to “spend quality time with the other
members of my family,” and “to create life-long memories for the family.”
72% of Millennials seek a “once-in-a-lifetime” experience when they’re on a
multigenerational trip.
Source: The Atlantic 2014, Forbes 2014, CNN 2015.
TREND 2:
MAXIMIZING
WORK-LIFE
INTEGRATION
Millennials will make up the majority of
business travelers by 2020.
Professionals between the ages of 18
and 30 average five business trips per
year, compared to just two trips for
those 35+.
Millennials are also 62% more likely to
extend a business trip into a vacation.
Source: FastCo 2014, Forbes 2014.
Millennials are constantly connected,
no matter where they are.
While Millennials prefer traveling with others, they
don’t mind traveling alone.
Through social meet-up apps and increasingly
common communal spaces, Millennials are finding
ways to meet new people and integrate their
professional and personal lives.
Source: Preferred Group Hotel 2014, MMYG Global 2014.
TREND 3:
SEARCHING FOR THE
NEXT ADVENTURE
Millennials seek high-quality experiences.
Whether they are traveling alone or in a group,
Millennials are constantly maximizing the
quality of their experiences.
They value convenience due to their
spontaneous nature and rely on technology to
keep them updated on how and where to travel.
78%
Of Millennials would
rather spend money
on an experience
than a physical
product.
Source: Eventbrite 2015.
“Luxury is just a marketer’s term.
It doesn’t mean anything to me.”
Luxury has been redefined.
Source: TravelAge West 2015.
BOOMERS & GEN X
MILLENNIALS =
= PURCHASE EXCLUSIVE THINGS
HAVE EXCLUSIVE EXPERIENCES
Millennials value authenticity & exclusivity.
While visiting friends and family are the primary reasons Millennials travel, a close
second is traveling to events/experiences that are tailored to their interests.
FOOD AND BEVERAGE
47% increase in food and
beverage events from
2013-2014 among
Millennials.
MUSIC / ENTERTAINMENT OUTDOOR ACTIVITIES
75% of all music festival
conversation was generated
by people between the ages
of 17 and 34.
#1 driver from our research
that Millennials “want to enjoy
the beautiful scenery and
commune with nature.”
Source: Eventbrite 2015, gMfg Vail Research 2014.
Millennials love of food and friends.
Millennials value convenience and prioritize exclusive experiences that they
can share with friends, either in person or through social media.
BEHIND-THE-SCENES
55% of Millennials attended a beer festival specifically to meet the people behind the
brewery, whereas 42% of Millennials attended a food festival for similar reasons .
UNTAPPED CURIOUSITY
The #1 reason that Millennials attend food and beverage festivals is to be exposed to
new products and companies. (95% for Food Festival, 87% for Wine Festivals, and 96%
for Beer Festivals)
NIGHT-TIME EXPERIENCES
Millennials consider late-night meals as an experience they can share with friends. Late-
night dining has become a trend among Millennials in cities such as New York where
restaurants have begun to create dining experiences to cater to their audience.
Source: BCG 2013, WSJ 2014.
Anticipation drives conversation around
music experiences.
EMOTIONAL ACTIVATION
Music has become an emotional touch point for Millennials, spurring many within the
generation to attend live music festivals which help solidify social bonds with others.
EDM PREFERRED
8 of the top 25 music festivals were exclusively electronic. While multi-genre events such as
Coachella and SXSW topped the list, no other single-genre category was as prominent as
electronic music among Millennials.
The key driver of conversation for Millennials is music and the experience of
attending a music festival or event.
Source: Mashable 2014, Eventbrite 2015.
TREND 4:
MINDFULNESS IS
A PRIORITY
DISCONNECTING
Millennials are always connected, fueling their never-
ending drive to do more. When there’s time to
disconnect, Millennials take full advantage of it.
COUNTERTECH
However, Millennials are always monitoring their
activities. From fitness apps such as FitBit to sleep-
tracking apps such as Sleep Cycle, Millennials are apt
to track their behaviors both on-line and off-line.
Millennials are seeking ways to be
emotionally fulfilled.
Source: Cultural Threads 2015.
Millennials look to escape the
everyday to relax and recharge.
The primary drivers for Millennials to visit Vail in summer are:
1.I want to enjoy the beautiful scenery and commune with nature.
2.I want to be somewhere that has activities for the whole family to enjoy
– together and independently.
3.I want to experience the very best that nature has to offer, with a touch
of indulgence.
4.I want the amenities of a resort, but I also like to get my blood pumping.
5.I want to get away and rejuvenate my physical and spiritual self.
Source: gMfg Vail Research 2014.
o Millennials are not our core audience now, but they are becoming
more important
o As we move forward, we must ensure we create space for them –
while staying authentic to our brand
Implications for Vail, as an icon