August 04, 2017 by Snupit
Over the years, the small accommodation industry has undergone a revolution of sorts. More people than ever are opting for homestays and other unconventional housing facilities, which means it is a great time to own a guest house. Millennials especially consider price a major factor when deciding on accommodation for their trip. Hence, they are a major target audience for guest houses. If you want to bolster your revenue and turnover, here are the top travel trends that you should know as a guest house owner:
The Chinese Are Coming, the Chinese Are Coming…
Statistics clearly show that the Chinese love to travel overseas. Their currency enables them to throw their weight around, especially when they travel to the US and other developed countries. Overall, people travelling abroad from China spent $130 billion last year.
Plus, the Chinese are more likely to travel across the world for business. Till now, the US is the leading business travel market, but that is set to change from this year onwards. A staggering 200 million people from China travel overseas every year.
For owners of guest houses, it is important to tailor your marketing and promotion to cater to people travelling from China. The Chinese are a huge target audience for guest house owners today and this will continue to increase over the next few years.
The Pursuit of Wellness
Over 15 million travelers from across the world mention health and wellness as the main reason they are traveling, while close to 40% of them travel frequently. The value of the health and wellness travel industry has increased as well, crossing $70 billion in total value. As compared to conventional tourism, the health and wellness tourism market is growing 50% faster. Close to 15% of each dollar spent on tourism goes towards health and wellness, which means the market is growing in value.
As a guest house owner, you can tailor your services to cater to health and wellness clients. You don’t have to invest heavily in upgrading your facility. A few small branding tweaks can put you on the right track.
Millennials Are Leading the Pack
Did you know that youth travelers in the US alone spend around $600 billion per year? You can probably estimate how large the global youth travel market is. Millennials are changing the game in virtually every market and industry and the same can be said of tourism.
In the next decade, millennials will constitute up to 75% of business travelers. Also, you should keep in mind that youth travelers are spending more money when traveling as compared to other international travelers.
Therefore, millennials are an important group that you should target as a guest house owner. This is a growing target market that will lead the pack over the next decade. As millennials age, they will earn more and hence be able to spend more.
As a guest house owner, you should keep these top travel trends in mind. By catering to the ideal target markets, you can find professionals to set your guest house apart.
Filed under : Guesthouses