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The Change In Demographics From Baby Boomers To The Millenial

844 Words4 Pages

As occupancy rates are increasing, the key regions with the highest occupancy rates are Europe and Asia Pacific (Killarney Hotels, 2015). AccorHotels (Accor) need to be ahead of its competitor and the market so as to not fall behind, as a result of the constant advancement in technology and disruption of the hospitality industry. With the main market segment moving from the baby boomers to the Millennials, the sharing economy headed by Airbnb and maintaining or increasing capital reserves should the company require it, especially in such a volatile market. Accor has to response to these trends to remain as one of the top hotel operators. The change in demographics from the baby boomers to the millennials being the main market segment is predicted to be by 2017 (Killarney Hotel, 2015). The market is also moving towards directions influenced by them such as interactive advertising, personalized guest services and value added services. With consumers’ wants and need changing, the way advertisements are made to …show more content…

This trend does not only appear for accommodation but for other industry such as Uber for the taxi industry. From this, one could see that this trend would stay and not be like a one-hit wonder. With the expansion of Airbnb and similar service on the rise, the supply of accommodation would increase and consumers would have a larger variety of choice, and even with the increase of tourist occupancy rate might stay stagnate or grow slowly because of it. Instead of alienating it, Accor should adopt it and expand its market to attract consumers back (Rauch, R,

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