Gen Z and travel (Part II)
This is part II of my blog on Generation Z (born roughly between 1997 and 2012), and the last in a series on the various generations and their relationship with the hospitality industry. Have fun !
Some Basic Stats
- Gen Zers account for 32% of the world population, making it the largest cohort as of 2019.
- Almost two in three Gen Z consumers are willing to pay more for sustainable products. The majority is worried or anxious about climate change.
- Gen Z is the only generation where influencers hold greater purchasing sway than retailers.
- 52% of Gen Zer are highly likely to get a product or service if recommended by their favorite influencer.
- Below are three critical ways that Millennials and Gen Z are reshaping the Hotel Industry:
- Millennials and Gen Z are projected to account for 83% of hotel guests by 2030, according to an LG Business Solutions report.
- They are also the most “frequent” leisure travelers, more likely than Gen X or Baby Boomers to take three or more trips per year.
Gen Z is quickly becoming a critical consumer base for the hotel industry — it’s the largest generation in global history, and its spending power is expected to reach $12 Trillion by 2030!