Thursday, September 3, 2015

Generational Marketing For Hotels - Part 2

Baby Boomers

The hospitality industry has expended much effort and resources, transforming itself in an effort to meet the needs and expectations of the largest generation: The Millennials. Of course this is extremely wise, as Millennials are the future of the industry and make up most of the current population. However the Baby Boomer generation, second in size only to the Millennials, is far from finished with travel. In fact, the Boomers are just coming into their own as travelers, from the perspective of spare time and financial resources.
The Baby Boom Generation was born between 1946 and 1964 and is now over 50 years old. Recent figures published by U.S. News & World Report show that Baby Boomers control an astounding 70 percent of all disposable income in the U.S. Furthermore, 70 percent intend on taking an overnight vacation during the course of the next 12 months, despite saving for their retirement. Nearly half of them are planning on spending at least $1000 to as much as $5000 on their vacation. This amounts to an immense market, and a highly loyal one as well. As the U.S. News report goes on to state, 55 percent maintain their loyalty by returning repeatedly to their favorite brands.
Since it is expected that by 2017 over half the U.S. population will consist of Baby Boomers, it is imperative for hoteliers to fully grasp the needs and desires of this massive but aging population segment. Of course there is much common ground between generations in regards to appealing to their sensibilities, but there are specifics unique to Boomers.

  • They Think Young -
Baby Boomers are very young for their age, not only in regards to their activity level, but in the way they think as well. They still see themselves as still being quite young and enjoy acting that way. Hotel marketing efforts should never address them as seniors. Boomers truly relish experiencing the locale of their travel destinations, and seek activities that will stimulate both their mind and body.

  • They Are Tech Friendly -
While of less significance to Baby Boomers than Millennials, technology still plays an important role in their lives. The U.S. News reports that 83 percent of Baby Boomers conduct extensive research online before spending their money on travel, for example. The difference for Boomers comes in the fact that they see technology in an inherently different way than Millennials. While connection with technology is viewed as an essential part of life for Millennials, Boomers on the other hand consider technology to be a nice convenience that enhances their lives. Personal, human interaction is much more important than technological interaction for Baby Boomers. Boomers are very comfortable with technology, however they prefer their devices, apps, and web pages to be highly user-friendly and intuitive.

  • They Can Be Very Skeptical -
Because of the era in which they grew up, Baby Boomers tend to be suspicious of any organization or business vying for their money and loyalty. Events around their lives such as the Vietnam War and Watergate instilled this skepticism in Boomers, so it is crucial to earn their trust. Once a brand has earned their trust, Baby Boomers are exceedingly loyal to that company with repeated patronage.
In the next part of this series we will focus on the largest generation currently, the Millennials.

Posted via OnFast - http://www.OnFast.com

No comments:

Post a Comment