Before You Buy a Hotel: Consider Millennials and Generation Z

The hospitality market is continually growing and changing. In order for a hotel to be successful, it needs to adapt to better appeal to different demographics. Younger generations like Millennials and Generation Z are becoming huge demographics for profit, but that potential has gone largely untapped. Before you buy a hotel, consider how you can market to these generations.

Buy a Hotel that Appeals to Future Travelers

Millennials have recently surpassed both the Baby Boomers and Generation X in numbers, making them one of the most powerful groups of purchasers in the economy. While there is no official demarcation for what age group makes up the Millennial generation, it is generally thought to include those born between the mid-1980s to either the late 1990s or early 2000s. The majority of this generation is now in their mid-twenties or early thirties, meaning they have significant spending power. Millennials are extremely comfortable with technology, because they grew up as it was developing. Most have used computers for the majority of their lives and navigate the Internet with ease.

Generation Z falls somewhere after the Millennial generation. Typically, Generation Z is thought to be anyone born in the late 1990s to mid-2000s. These are people who are just now entering a working age and generating the beginnings of financial influence. Generation Z is the technology generation – they grew up using the Internet and having several different devices to connect with others at all times.

Both generations are connected through the sharing economy. Shopping is typically done online versus in a physical brick and mortar location. The sharing economy allows Millennials and Generation Zers to get the most value for their money and have access to virtually everything they could possibly need.

Millennial Consumer Tendencies

Millennials are a connected generation. They like to take purchases and communication in their own hands, choosing to use mobile apps and websites rather than speaking to a physical person. Millennials are more focused on the overall experience at a hotel than the individual amenities offered. They are also less concerned about the longevity of a company and more concerned with the ethical stances a company takes. Before you buy a hotel, consider how you will provide connectivity and a better overall experience to make your hotel more enticing to Millennials.

Generation Z Consumer Tendencies

If Millennials are connected, Generation Z is even more so. This generation grew up with the Internet, social media, and smartphones. But unlike Millennials, Gen Z grew up in times of economic hardship. They know the value of their money and want to make sure they get as much as they can when they do spend it. Because this generation has only just begun to join the workforce and earn money, many of their spending trends are unknown at this time. When you buy a hotel, keep in mind that Generation Z is only going to grow, and keep in mind that they consider connectivity and value above many other aspects.

Buy a Hotel at Southeast International

At Southeast International Hotel Brokers, we offer a variety of services for those wanting to buy a hotel. With outstanding guidance and unparalleled experience in the hotel brokerage industry, we can help you find the right hotel that will provide a great basis to reach Millennials and Generation Z. For more information about buying or selling a hotel, contact Southeast International Hotel Brokers today.