Generation Y is the main target group in tourism
During the first half of 2019, CBI commissioned the research companies Molgo and EFTI to interview tourism experts, study dozens of reports and visit ITB Berlin, the world’s main trade fair. The aim was to obtain insights into the main trends in tourism and how they affect small and medium-sized enterprises in developing countries. Having gathered all the data, CBI identified the following overarching trends, which are made up of several minor consumer and business trends.
Generation Y and Z become the dominant groups
One of the overarching trends we defined was the increasing importance of Generation Y and Z. People from Generation Y are 24–39 years of age and are also called millennials. People from Generation Z are younger still, 8–24 years of age, and are also called iGen or screenagers. While Generation Z has the future, Generation Y is and will remain most important in the coming years in terms of decision-making and spending power.
Generation Y is different from Generation Z
Both generations have their own behaviour and tourism preferences. While Generation Z relies on social media and influencers when preparing for a holiday, Generation Y relies most on the information offered by tour operators. Generation Y tries to avoid the masses and looks for unique travel opportunities, while Generation Z is most concerned with responsible travel.
Opportunities for developing countries
The behaviour and tourism preferences of both Generation Y and Z pose many opportunities and threats for entrepreneurs in developing countries. You can read more about these in our study on trends in the tourism sector. Later this year, a study focused exclusively on Generation Y will follow.
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