November 17, 2016
Today’s sharing economy and its respective business models are disrupting traditional industries like financial services and manufacturing and of course, creating brand new categories. And similar to most industries, the vacation industry has certainly not been immune to change. This particular market has faced some unique challenges throughout its evolution and it is interesting to dive a bit deeper to understand the drivers of change and predict how the industry will evolve in the coming years.
One of the most multi-faceted challenges the vacation industry and its respective companies have faced is how to evolve to meet the demands of two very different generations – baby boomers and millennials. Despite their contrasting mindsets and behaviors, the two most populous generations in the US (both around 69 million people, respectively) both love to travel, and they both wield a significant amount of influence.
Baby boomers, now free of their family responsibilities and set with a lifetime of savings, are avid travelers. According to AARP, 99% of boomers will travel for leisure this year and of that number, 50% will ...