Travel businesses are clambering around millennial consumers as they look to realign strategies and products to suit this unique generation of traveller.
Asian Millennial Travellers (AMTs) comprise approximately a quarter of Asia’s total population, and this massive demographic was the subject of conversation in a recent Panel discussion.
Pak Budi Tirtawisata, CEO of Panorama Group, said: “Millennial travellers are our future, and there is no better time to emphasise and explore this new market.”
Singapore Tourism Board (STB) held the panel session in Jakarta yesterday with industry thought leaders to discuss the trends behind the new generation of travellers in Asia, and how businesses can tap into the growing market.
Millennials are highly fixated on technology which is integral to their lifestyle and work habits. Social media and the proliferation of mobile devices were therefore unanimously cited as reasons behind a shift in consumer behaviour.
“The behaviour of millennials has shifted significantly over the past couple of years,” said Ajay Sohoni, associate principal of McKinsey & Co. “We’ve seen that the trust in the usage of the internet has grown by over 50%, and that online ticketing incidences have also doubled.”
Another important aspect of millennial behaviour is an affinity for local brands, and Indonesians in particular are increasingly supportive of home grown companies.
“Today, two-thirds of branded searches by Indonesian travellers refer to local brands, as opposed to international ones,” said Nicholas Oudin, head analyst at Travel (APAC) Google.
In the course of discussion, Ms. Neeta Lachmandas, Assistant Chief Executive at STB, not only pointed out the need for businesses to gear marketing and product development towards the millennial generation, but to effectively incorporate their talent into the business process.
“It is critical that we look at ways to attract and support millennial talent who fully understand the needs of their peers. When we have such talents in the workplace, they in turn will be empowered to create products and services that are of value to other fellow millennial travellers,” she said.
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