Positioning for Millennials: 3 Hospitality Trends
Many businesses are scratching their heads to figure out how to capture the purchasing power of the Millennial Generation – which will grow by more than 120% by 2020. Maria Pelaggi recently spotted two articles, from Business Wire and Hotel Interactive, which identify three hospitality trends.
First and foremost, Millennials require a lower price point. As individuals, they don’t have a significant amount of wealth amassed. The generation’s oldest members are in their early 30s and its youngest are entering the job market in a recession. And even though they aren’t willing to pay high rates, they don’t compromise on their other demands.
02 SOCIAL EXPERIENCE
Millennials demand for a social experience can balance out their individual spending limits. Brands can often reduce room sizes, increase common space area, and still have more beds per square-foot. Cobblestone Hotels focuses its efforts on public spaces, which includes a convenience store, beer and wine bar, and pool. The recent re-design of Courtyard by Marriott accommodates the tech products now common in social gatherings with its custom furniture and plethora of power outlets.
Of course, low cost and social places are nothing without a little high design! We may be biased, since we built one of the first Aloft hotels for Starwood Hotels and Resorts Worldwide, but its trendy lobby doesn’t disappoint with its combination of industrial and modern finishes. Other brands use also use dramatic lighting, playful colors, and cool materials to satisfy Millenials’ need for style.