Business, Travel and Gen-Y
Millennials throughout the world are slowly replacing the ‘baby-boomer’ generation (Gen-X) in terms of spending across a range of markets which brings us onto the focus of this article: how to create a corporate event or networking session that caters for the emerging business travel needs of Gen-Y.
Research in America has shown that millennials make up approximately one-third of business travel in the air. By 2020, this figure is set to reach 50%, while the ever-disappearing baby-boomer market will make up a mere 11%.
It’s also worth noting that the younger generation of business travellers can be a little fussier when it comes to flying – extras like more legroom, optional meals, drinks, onboard Wi-Fi – plus the fact that young business travellers tend to book their flights at the last minute are all factors that increase spending and the overall cost of the business trip.
It’s no surprise that Gen-Y are utilising tech much more than baby-boomers, with studies showing that around a third of young people use their smartphones to make a booking, while for business travellers over the age of 45 this figure is just 12%. The fact that young professionals are booking their travel themselves shows spontaneity and connectivity. It also shows that the traveller is more involved in the decisionmaking process of the business trip; they get a say as to which hotel they’ll be staying at, what airline they’ll be using and which taxi service will take them around town.
With increased usage of online booking apps, getting the customer to sign up to ‘loyalty programs’ have become a lot easier. Around half of all Gen-Y travellers consider signing up in order to reap the benefits (such as free hotel nights and air miles), whereas only a third of older travellers bother.
The very nature of business meetings for young professionals is changing too, with more emphasis placed on tech, as well as creating a fun and engaging environment. Event organisers are starting to shift the focus away from just organizing dates, budgets and seating plans, but rather look into the nature of the event, and what its specific purpose actually is.
In conclusion, as your demographic changes so should your methods. Event planners and organizers need to connect to all the latest channels, apps, and trends or risk missing a large, emerging segment of the market. Tune-in or lose out should be your mantra.