How to capture the Milliennal market
Showing off on social media is a big part of a holiday choice for Millennials, delegates were told at the latest Barclays Travel Forum.
In a session devoted to understanding and attracting younger travellers, panelists agreed that a holiday is often used as a status symbol by the younger generation.
"With no hope of getting a mortgage, or a job for life, there’s not really much else to show off about," said Farrah Storr, Editor in Chief of Cosmopolitan.
"Holidays have become a real way for them to exude status and express themselves."
With many still living at home with their parents, and with little incentive to save money, Millennials have a large disposable income, said the panel.
This presents a real opportunity for travel brands, particularly if they can earn brand loyalty.
Geoff Bakers, CEO International Celebrity Networks, suggested travel companies could use apps to reward loyal customers with virtual currencies.
The panel also included two 24-year-olds who work for Barclays.
John Evans, associate director, admitted he had booked holidays with a large number of companies but had not gone back to book with any of them again.
But David Tarawali, propositions manager Barclaycard, said 70% of the trips he’d booked – mainly European city breaks – were with Secret Escapes.
Both admitted to using social media to ‘show off’ about their trips.
"It’s also about convenience," said Evans. "Instead of writing 17 postcards I can post a picture on Snap Chat and everyone can see where I’ve been."
Cosmopolitan’s Storr said some savvy brands were make good use of social media to market their products.
"A hotel I recently stayed at had its name everywhere – on coffee cups, place mats, bed linen – and very nicely done. Guests were taking pictures and posting them on Snapchat and Instagram – it was genius marketing by this hotel."
But she advised travel companies and suppliers to be careful when selecting social media influencers for their brands.
"If you’re a prestigious five-star hotel you don’t want to be associated with someone who five years ago was posting naked pictures of themselves, just because they might have 4 million Instagram followers," she said.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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