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Next Generation Traveler Profiles Next Generation Traveler Profiles An analysis of the types of travelers that will dominate the industry and shape the major tourism trends in the coming years TT0106MI September 2018 1 Table of Contents Overview 3 • Next generation travelers and the future of tourism 4 • Next Generation Travelers 5 Insight into Next Generation Travelers 6 • The Chinese Millennial 7 • Emerging Aspirationals 10 • The ‘Moral Compass’ Travelers 12 • The Hobbyist 14 • The Luxury Adventurer 16 • The ‘Family Pack’ 18 • The Bleisurist 20 • The Digital Nomad 22 How to attract NextGen travelers? 24 • How to Attract the Next Generation of Travelers? 25 Appendix 27 • References 28 • Terminology and Definitions 30 • About the Author 31 • GlobalData at a Glance 32 2 Overview 3 Next generation travelers and the future of tourism The tourist industry must adapt to the changing expectations of the ‘NextGen’ travelers Key issues for the future of travel and tourism Travel and tourism is an integral sector of the world economy, generating millions of jobs and contributing to overall socio-economic prosperity. In 2016, the industry remained one of the fastest-growing, outperforming the [1] average growth rate of the global economy for the sixth consecutive year . Tourism’s rapid growth presents enormous opportunities for local economies and societies. However, there are several issues that are rapidly altering the Security and nature of the industry, urging players to change and adapt to the new geopolitical environment. In particular, rapid globalization, geopolitical movements, turbulence climate change, demographic changes, and accelerating digitization are among the key issues that the industry is faced with. Aside from having major implications on business, geopolitics, and the global economy, these trends are fundamentally transforming the preferences of consumers, who are becoming increasingly demanding and are fueling rapid changes in the industry. The needs of different traveler groups are highly varied Digitization Globalization As the number of international tourists is set to rise rapidly, it is fundamental for businesses to understand the changing needs of consumers. From tech savvy millennials and sport adventurists to bleisurists and digital nomads, the profiles of travelers, and hence their needs, vary vastly. It is therefore essential for companies to gain a thorough insight into the different types of travelers, in order to best tailor their products and services to cater to each. This report identifies eight types of travelers that will dominate the industry Demographic and shape the major tourism trends in the coming years. The eight ‘NextGen’ Climate Change traveler categories identified are the Chinese Millenial, the aspirational Changes middle class in emerging nations, the ‘Moral Compass’ traveler, the Hobbyist, the Digital Nomad, the Bleisurists, the ‘Family Pack’, and the Luxury Adventurer. 4 Next Generation Travelers ‘The Moral Compass’ The Chinese Millennial Emerging Aspirationals The Hobbyist Traveler The Luxury Adventurer ‘The Family Pack’ The Bleisurist The Digital Nomad Source: Shutterstock 5 Insight into Next Generation Travelers 6 The Chinese Millennial Chinese Millennials are the driving force of the largest outbound tourist market Xinyi Zhou, 23, Chinese China is considered the most lucrative outbound travel market globally; in Marketing Student 2017, the Chinese made 136.5 million outbound trips and this number is Xinyi is studying Marketing and expected to reach 190.8 million trips by 2022. The country’s tourist boom Communications at Peking is mainly led by younger adults, widely known as millennials, as this University. Next year she is going demographic undertakes the most trips. For example, in 2017, people to Berlin where she will spend her aged between 15 and 34 comprised 51.6% of the total Chinese year abroad. She is already holidaymakers. This is contrary to many Western markets, where older planning to visit several demographics dominate the total number of holidaymakers, mainly destinations in Europe, taking because of fewer money and time constraints. As double-digit growth of advantage of the Schenghen Visa international departures from China is set to continue, businesses must which grants her access to 26 redirect their focus on China’s 400 million millennials. countries in Europe. While traveling, she enjoys visiting Chinese Millennials are a privileged generation heritage sites and shopping, but Young adults in China are considered to have a number of key most importantly visiting as many advantages, both in comparison to older demographics in China and to restaurants as possible to explore their counterparts across the globe. The key factors behind the positive different European cuisines. Source: Shutterstock landscape in which Chinese Millennials grew up are the rapid industrialization, which led to growing household income and better educational opportunities, as well as the one-child policy that the As a result, a whole generation grew up with underlying advantages. This government introduced in 1979[1]. includes receiving high-quality education without having to borrow, meaning they are unburdened by student loans (unlike many millennials People now aged 19–35 were all born during the period of economic in other countries). It also includes not having to buy a house, given that reforms and the opening up of the Chinese economy. This meant that many Chinese parents tend to buy properties for their children. Chinese millennials — particularly those living in bigger cities — did not have to Millennials are, therefore, free to spend substantially more than many endure economic hardships, as was the case with many of their other people their age around the world, making them the most lucrative predecessors. consumers globally. The one-child policy has given rise to the 4-2-1 family structure, with every family consisting of two pairs of grandparents, the parents, and the child. This meant that the child in each family was instantly the center of attention and received emotional and financial support from six adults. 7 The Chinese Millennial A tech-dependent generation China: Which factors help you decide where to go on holiday? – Social Chinese people are among the most tech savvy globally. However, Media (e.g. Instagram, Facebook) Chinese Millennials are more than that — they are technologically dependent. As digital natives, they have grown up with the internet, which has, in turn, shaped their expectations and habits. Millennials 34% According to GlobalData’s consumer survey Q4-2017, 86.8% of Chinese Millennials say that technology has made their life simpler. Technology is Total 27% embedded in the everyday life of this demographic, which has grown accustomed to the convenience it provides and which now demands this Source: GlobalData, Consumer Survey Q3-2018 level of convenience when traveling abroad, too. High internet and Millennials, China: How often do you share the following on social smartphone penetration, coupled with frequent use of social media and media? – Several times per week other apps domestically – including smart and convenient payment options – means that Chinese visitors value countries and businesses that allow them to stay connected and carry out key tasks via their phones. A picture of food/drinks you 36.3% From managing their trip and activities through one smartphone app and consume paying using their mobile wallet – such as Alipay or WeChat Pay – to using apps that allow them to explore a city by providing them with real-time A picture of yourself 33.1% information and tips, companies willing to tap into this segment must ensure that they intensify their efforts to meet the ever-growing digital needs of this generation. Source: GlobalData, Consumer Survey Q4-2017 Millennials, China: ‘Technology has made my life simpler’ Chinese Millennials spend a substantial part of their day 2.9% 10.1% on social media Agree Social media in particular plays an important role in the everyday lives of millennials, from socializing and shopping to staying informed about their interests and sharing content. When it comes to travel, social media is an Disagree increasingly influential channel shaping the travel choices of millennials. This was highlighted by GlobalData’s consumer survey Q3-2018, in which Neither agree/nor 34% of millennials said they choose their holiday destination with the disagree 86.8% help of social media. Photos, articles, and, most importantly, short videos are increasingly becoming the most effective way to reach this cohort. Source: GlobalData, Consumer Survey Q4-2017 8 The Chinese Millennial Shopping remains important, though interest in experiences is growing Millennials, China: Which of the following do you find most exciting? Chinese consumers love shopping, an activity that has traditionally been a priority for tourists traveling overseas. This is mainly motivated by price, quality, and variety differentials between China and other countries, particularly in the West. However, the cliché of Chinese people traveling 53.5% 46.5% and shopping is rapidly changing and we are currently witnessing Chinese Millennials driving the quest for more experiential activities. Well-educated and open-minded millennials seek to Trying new products Trying new experiences explore different parts of the world According to GlobalData’s consumer survey Q3-2018, 53.5% of Chinese Source: GlobalData, Consumer Survey Q3-2016 Millennials find trying new products most exciting, while 46.5%
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