The research underscores the notion that cultural and once-in-a-lifetime experiences, exploring new destinations and interactive activities, are ranked by all generations significantly higher than value or a discounted price.
Arabian Travel Market (ATM) 2020, which takes place at Dubai World Trade Centre from April 19-22, will bring together travel and tourism experts from across the globe to discuss the burgeoning global tours and activities market, which according to New York-based Skift Research, is estimated to be worth USD183 billion this year, a 35 percent increase since 2016.
Boomers, born between 1946 and 1964 are the least concerned about budget and are especially interested in sightseeing and in the case of American tourists, 40 percent will plan their holiday around food and drink. They want safety, security and service and the so-called Platinum Pensioners are a much sought-after demographic – they want to relax and generally avoid long haul trips.
Gen X travellers who are now typically aged between 40 and 56 years, travel least out of the generations, due to corporate careers, 50 percent of all leadership roles worldwide are occupied by Gen Xers. As such they value work-life balance and prefer relaxing holidays to de-stress. Interestingly, 25 percent of Gen X will accept word of mouth during their decision-making process and are especially drawn towards cultural experiences Expedia research found that 70% enjoy museums, historical sites and art galleries.
Generation Y or Millennials, who are today aged between 25 and 39, are the most talked about generation and are the undisputed champions of the frequent traveller title, technically adept and the great disrupters. More than anything, Millennials crave adventure and experiential variety and although they are careful with their budget, in gross terms it the largest submarket by revenue, generated through sheer volume.
Ipsos research in September 2018, concluded that 25 percent of the MENA region’s population is made up of Millennials; 97 percent are online; 94 percent are present on at least one social platform; 78 percent share content weekly; 74 percent have interacted online with an brand and 64 percent are always looking for best offers and deals available. This may have something to do with the fact that 41 percent of MENA’s Millennials feel overwhelmed by financial burden, and only 70 percent of those of working age, are actually employed.