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Key approaches to capture Millennials • Build trusted relationships • Connect with a purpose • Realize the importance of experience • Adopt an adaptive cross-industry perspective • Integrate new technologies and enhance social presence while saving money by providing minimal staffing (e.g., switching to mobile check-in) and smaller rooms. 21 While Millennials will become the core customer group for travel and leisure during the next 5 to 10 years, they are already establishing perceptions, developing brand preferences and solidifying travel habits. As such, hotel companies that want to influence and capture these valuable future customers before they become grounded in their travel routines should immediately begin implementing strategies and tactics to appeal to the Millennial consumer. Further, Millennials demand greater value for their time and expect innovative experiences from their brands. Their expectations are being influenced by interactions, experiences and relationships with companies from a wide range of industries. Thus the paradigm for a sustained competitive advantage has changed. In the world of the always-on, ever-connected, highly demanding Millennial, a sustained competitive advantage is more than just a product, price, service or feature — it’s a trusted relationship. To meet the expectations of Millennials and succeed in the long term, leading brands are spending as much time, money and discipline building experiences and trusted relationships as they do developing new products and services. Therefore, in order to capture this vital segment, today’s hotel executives need to look beyond their industry, study and learn from innovators, and understand how to meet evolving Millennial expectations in lodging and travel. 21. “Marriott and IKEA Launch a Hotel Brand for Millennials: What Does That Even Mean?,” Time website, http://business.time.com/2013/03/08/marriott-ikea-launch-a-hotel-brand-formillennials-what-does-that-even-mean/, accessed 25 October 2013. Global Hospitality Insights 8
Top thoughts for 2014 9
Page 1 and 2: Global hospitality insights Top tho
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Page 33 and 34: three to four years, causing declin
Page 35 and 36: US$344,355 per room, well above the

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