The Pew Research Center defines Millennials as the generation born between 1981-1996 (ages 38-23, respectively). As one-quarter of the American population, and with a buying power of $1.4 trillion by 2020, they are the primary influencers in society and commerce today.
Just as this group has disrupted the housing market by delaying homeownership, they are the driving force of change in the travel industry. https://www.hotelnewsresource.com/article105557.html
From tricked-out Airstreams to glamping in yurts, Millennials place a high value on novel, immersive experiences with an adventure-like quality. Authenticity and exclusivity is their definition of luxury.
The ultimate driver here is social media. Capturing and sharing their lives is a natural outcome of growing up with technology. Their offline activities shape their online identities and these savvy consumers put a premium on curating who they are online across a multitude of platforms. The preferred travel souvenir of this cohort? Glowing comments on their Instagram post, and a subsequent boost to their social capital!
Popular travel brands are aligning themselves with this trend. Airbnb gets right to the point with their offering, “Experiences”
In late 2018, iconic luxury brand LVMH bought the travel company, Belmond, Ltd. And as the author in this Forbes article states, “With the addition of Belmond, LVMH is further aligning itself with the new luxury of the future: experiences.” (Our favorite part is her bio. Click here to learn what a HENRY is.)
Most recently, Marriott threw its hat in the home-sharing ring to capture new, arguably more exotic locales. And when they overhauled their rewards program they began offering members the option to cash points in for one-of-a-kind experiences.
So up here in Maine, we’re getting reports about Millennials and travel trends and all we can think is, “Nailed it!” Authentic? Novel? With a dash of adventure? Immerst has it all in spades.
Lest we begin patting ourselves on the back, let’s remember that on-water vacation experiences already exist. You could book it right now: http://www.sleepafloat.com/
Taking advantage of offshore space is not new: https://www.beachconnection.net/news/boatels04319.php
What is new is providing expert craftsmanship and superior accommodations for the desired Instaexperience that Millennial consumers seek out. That’s where Immerst comes in. If you are thinking of expanding, look to the water – and look no further than Stephens Waring Yacht Design.
Don’t miss the boat…
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