Published on : Thursday, December 28, 2017
It’s no stretch to say that hotel owners and operators across the globe are eager (and in some cases a bit desperate) to find new ways to attract business from Millennials, the much maligned generation of young people that suddenly now wield the most market influence in global hospitality.
Part of the reason has to do with the Baby Boomers retiring and aging out of their long-held position as the most influential age group. Another major factor is that millennials in general put a great emphasis on travel experiences, and, given their numbers and increasing wealth, this makes the stakes quite high for hotel owners and operators.
Simply put, millennials have come of age, and they hold hundreds of billions of dollars in spending power, much of which they are eager to spend on travel. Many of these millennials are also now raising families of their own, families they are eager to instill with their values, thereby taking them across the globe on major travel outings and unforgettable locations.
To attract this new millennial family business, stakeholders in the hospitality space must be aware of what it is exactly that millennials prize. With this in mind, it’s important to note that many experts say the generation is primarily interested in adventure, conscious capitalism and experiences they can splash across their Instagram.
For those who don’t know, conscious capitalism means business that looks beyond earnings to care for its workers, vendors and the communities / environment in which it operates, and there’s a simple psychological reason that millennials appreciate it: they want companies who have values that align with their own.
An example of one hotel that has embodied of all of this is the Atlantis Paradise Island brand, which began as a concept 20 years ago for an ultimate seaside casino resort, before then transitioning into much more of a family destination, one that offers poolside cabanas and oceanic excursions such as snorkeling, as well as other activities that children can explore with and without their parents.
Most importantly to millennials, however, is the brand’s commitment to conscious capitalism. Since the properties inception, it has taken a respectful approach to its surroundings, providing its visitors with unique interactions with the culture in the Bahamas, where the iconic hotel is located, connections that include music, food, storytelling, and interactions with a local staff.
Perhaps most notable, however, is the hotel’s Blue Project, which started over 12 years ago and seeks to make a difference to the surrounding natural environment through philanthropy. Through this initiative, the hotel employees more than 100 marine biologists, veterinarians and other specialists to ensure that the surrounding environment is kept healthy and protected. The hotel even donates part of every fee guests pay for activities like snorkeling to a preservation fund.