The travellers of the future want more from foreign travel
A research conducted by edyn has shown that the travellers of the future, Generation Z and Millennials, increasingly want more from foreign travel: more trips, longer stays, greater expenditure and a larger number of functional features than ever before. Accommodation features that cater to these trends, such as wellness facilities, co-working spaces, and other functional amenities are now not just a ‘nice to have’, but rather essential for staying relevant in the future.
Edyn, the pioneering hospitality group that is revolutionising the extended stay sector with 41 assets and 4,600 keys across 8 countries, has sponsored the Centre for Economics and Business to define “The Future of Travel-Hospitality”. Central to its findings is a survey of 2000 consumers from across five different European countries, alongside economic open-source research on the past, present, and future shape of the travel-hospitality industry.
The paper also quantifies a range of more specific generational differences:
– 34% of Generation Z and Millennials say they plan to take longer trips than they did before the pandemic, compared to 15% of older generations
– 56% of Generation Z and 51% of Millennials would like to live in multiple cities throughout the year, compared to 31% of older generations
– Millennials and Generation Z are willing to pay 17% more for extended stay options, compared to a general average of 10%
With an extended stay model that specifically caters to the growing demand for longer stays, functional features, and remote working facilities, edyn, backed by Brookfield since 2018, has seen these trends play out at its own locations, with 88% occupancy for Q2 and Q3 2022. It has also had an average length of stay per visitor of 4.2 nights, which is longer than the average hotel model of 2 – 2.5 nights. More than half the group’s guests stay for over a week.
The hybrid hospitality platform has seen strong momentum continued in 2022. It announced three acquisitions this year, with three new Locke openings planned for 2023 in Berlin, London (Kensington), Zurich. The group also plans to open new Locke properties in Lisbon, Paris and Copenhagen in 2024 to serve growing demand. With design-led locations, leading F&B offerings from local restaurant partnerships and a calendar of various events for locals and guests to enjoy, edyn are creating experiences for this new traveller.
Read the full report below.