Millennials now have a new generation at their heels calling the shots when it comes to family holiday-planning According to the 2017 Luxe Report by Virtuoso, a luxury travel agency network which surveyed its global travel advisers, “Generation Z”, the generation born between the late 1990s and 2ooos which succeeded millennials, now holds the most influence in family holiday decisions.
In the report, entitled Virtuoso Reveals the Future of Travel, Generation Z is the New Force in the Industry, of the surveyed participants, 88% were of the opinion that Gen Z determined where their families would go on holiday.
While some sectors of the travel industry have adapted their offerings, how they market products to and engage with their millennial guests who disrupted the scene in recent years with their demands of more options, experiential travelling and the means through which they engage with airlines to hotels, Gen Z are said to be quite different.
“Otherwise, compared to millennials, analysts find them more cautious, more money-conscious and more face-to-face – 53% of Gen Z preferring personal communications over instant messaging or email,” EyeForTravel elaborates.
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In a Hospitality.net article published in 2016, millennials were said to be well on their way to contributing $1.4 trillion to the travel sector every year leading up to 2020. According to ThinkDigital, however, – as cited by Virtuoso – “by 2020, this generation will account for 40% of all consumers with the disposable income to travel. ”
Virtuoso‘s report describes the new generation as having been exposed to travel at a young age (unlike the generations before them), enjoying experiential travel and seeking out great scenic destinations worthy of their Snapchat and Instagram timelines.