Avoiding the word millennial is a seemingly impossible task for today’s luxury travel marketers.
Often putting millennials and baby boomers on opposite ends of a spectrum, the reality is not so simple. During a recent Virtuoso conference, expert on ageing Ken Dychtwald and his millennial son Zak presented; The New Language of Leisure: A Boomer Millennial Smackdown, arguing that there is an unfounded and “overwhelming amount of attention on millennials.”
Ken Dychtwald urges luxury marketers to re-set their focus back to the 50-plus set, citing statistics to back up his argument:
“People who are 50-plus have 70 percent of the country’s disposable income and own 76 percent of the total net worth.” The combination of this concentration of wealth, plus a surfeit of time affluence makes boomers “the ideal candidates for luxury travel.”
We asked ILTM movers and shakers how marketing to millennials is impacting the way we sell luxury.