For many countries, tourism spending has become an important source of business, income, employment and foreign exchange. Realizing the ever-increasing importance of tourism, governments, local authorities and the private sector in many countries, have begun having resources for tourism development.
At the moment, tourism activity has socio-cultural and political significance but also creates significant economic benefits worldwide. During the 20th century, tourism became one of the largest and fastest growing industries in the global economy and continues to grow even today.
Vacations have always been an integral part of the people’s way of life and a period that everyone is looking forward to. The imposition of strict restrictive measures on the working and social life due to COVID-19 is expected to change one’s spending behavior significantly, greatly affecting the consumer especially when planning their next trip.
As the gradual lifting of travel restrictions, at least within a country, has just begun, an important question that arises is whether tourists will be able to travel this year and under what conditions and of course, what will the consequences on a country’s economy will be if people are unable to travel.
Even though summer is considered the perfect time to relax, there are people that choose to travel whatever the season. However, this is not the same for everyone. One may think that high expectations and financial costs can ruin any season that is considered “relaxing”.
One of the main reasons that this happens is because during our vacation we usually tend to spend more money than we have initially thought we would and as a result we are constantly worried if the money we have saved are enough to get us through the month.
Another reason is that we worry that something unexpected might happen and as a result of our careless spending we will not have enough money to cover the urgent expenses.
Furthermore, how will we meet our obligations when we return?
Age, gender, demographics and social status of travelers are a reference point for the way travelers organize their travels as well as how one can approach them. So, how do different generations decide on where to travel?
The generation of Millennials, people born from 1981 to 1996, addicted to technology and social media, in likes, followers, check-ins and Instagram are looking for new experiences and so usually fluctuate between more destinations.
Millennials travel more often than other generations and they have a wide range of interests, focusing on exploring the countryside, cultural experiences, family, leisure trips and romantic getaways. Vendors can showcase local culture, experiences and international cuisine to this generation, as well as discounts and promotions when targeting them for a travel purchase.
The Millennial generation is the one that could possibly make the most trips on the whole like business trips, leisure trips as well as bleisure holidays.
Both the Millennials and the generation born after the Millennials, also known as Generation Z, people born from 1997 to 2015, are influenced by impressive ads and promotions while the Baby Boomers generation focuses mainly on the content and reviews of a product or service.
Known as one of the most generous generations, the Gen Z is more likely to start the research and preparation process without having a specific destination in mind, relying on its smartphones when looking for inspiration for a trip and having a press approach for their travel activities.
Generation Z is the mobile generation, with the greatest flexibility in tourism in terms of destination, budget and type of travel and therefore is easily influenced by both ads and photos and posts of friends on social media, so sellers who want to inspire and attract Generation Z travelers need to implement a visually appealing and comprehensive marketing strategy.
Generation X on the contrary, people born from 1965 to 1980, is family-oriented and is more likely than other generations to use the reviews and informative content of travel brands when researching and booking a trip. While Gen X travelers consider their budget to be a primary factor over the younger generations, they still prioritize deals and seek travel value. As the generation that gives value to the money they pay for the holidays they get, the sellers should emphasize on the price and informative reviews, in order to influence them for the purchase of a trip.
The generation of Baby boomers on the other hand, people born from 1946 to 1964, most of whom have already retired, usually choose a single destination that will allow them to rest and recharge, or even invest in property, something that usually happens in Cyprus from tourists coming from countries with a cold climate.
While Boomers are more likely than other generations to know where they want to go and how to book when they decide to make a trip, they still seek help and inspiration in the planning and booking process. Marketers who are trying to inspire and target Boomers should focus on informative content such as reviews and local advertising activities.
Apart from the destination and the type of vacation, the new generations have also evolved the way of booking. Online Travel Agencies (OTA’s) make the largest number of online bookings of all generations.
From generation to generation things change, evolve and reshape the market. So the most effective way of advertising and marketing a business is to promote the right message, to the right audience, at the right time in the right way.
