Parents Foot the Bill
Holidays on Mum and Dad (HOMADS) – what an ingenious recession-appropriate idea! And for most of the 20-somethings out there, it’s not such a bizarre thought. Known as Homads, these youngsters are counting their pennies and electing to go on holidays with their parents, in the hopes that they will foot at least part of the holiday bill. So the travel industry should certainly be prepared to capitalise on family holidays. Research shows that the vast majority of 20-somethings had at least considered a trip away with the folks, admitting that despite not being able to stand spending time with their parents, they would happily holiday with them if they offered to pay.
And their expectations regarding just how much their parents should pay are extremely high, with most youngsters assuming their parents would contribute at least something towards the trip, and many expecting their parents to foot the entire bill, giving them an all-expenses paid trip! ‘Homadic’ culture is certainly spreading, and parents are increasingly reaching into their pockets.
These high statistics have significant implications for travel marketers, where more and more people will be searching for large family holidays. In times of recession it is crucial to capitalise on market groups that are still willing to spend, and creating campaigns that are geared towards family holidays is a way of doing this. It’s important to remember that these family holidays will include older children too, so creating campaigns that sell holidays to exciting, interesting destinations are key.
Digital Mums and the Implications for Online Marketing
You may be surprised to hear that mothers make up one of the largest demographic groups online. In fact, eMarketers estimates that at least 34 million mums go online a minimum of once a month in the US alone, and many are making regular purchases. Digital mums are using the web to research travel ideas and make holiday bookings online, so the time has come to gear online marketing campaigns towards mothers. The stereotype of the pc-illiterate mum of the 20th century is rapidly being debunked, where mums are sitting on the cutting edge of new technologies and online activities as they try to keep up with their children. Mums are turning away from other media forms such as television, magazines and newspapers, in favour of the internet. And they are making purchases online based on referrals from friends, family and online reviews, and through search engines.
The implications of the growing numbers of digital mums are significant for online marketers. While they may not always be the breadwinners, they are still the key decision makers within families, and often have the final say in the family budget. Online travel marketers will need to keep a female audience in mind, and keep a focus on family holidays. Perhaps a change in marketing tactics will be necessary too, as mums are turning to reviews to help them make their purchasing decisions. Incorporating user-reviews on websites might just attract the mum-market, and guide these mothers to book your holidays as opposed to your competitor’s.
They can also be used as tools to build brand awareness, as they spread their likes and dislikes through word of mouth within their communities of family and friends. Perhaps the world of social media will be an invaluable tool in communicating with this new group, and joining digital mums’ forums to spread your brand could be a winning idea.
Pensioners on a Bender
The days of inheriting your parents’ estate are diminishing, and any dreams of living a life of leisure off their hard-earned money should be disregarded. The Babyboomers are now nearing retirement, and don’t seem to be feeling the inclination to make any more sacrifices for the younger generation they’re leaving behind. In fact, according to the Telegraph, as many as 66% of parents are planning not to be overly concerned with leaving a legacy. Instead, they plan to enjoy their retirement years, living in comfort and doing the travelling they never did when they were young. Nicknamed ‘Skiers’ (Spending the Kids’ Inheritance), these energised parents are forming a new demographic that is of particular interest to the travel industry.
Their children are also encouraging them to spend money on an enjoyable and comfortable retirement, and a rising number of pensioners are releasing equity so that they have more money to spend on travel. From experiential travel to golf holidays, pensioners are flexing their credit cards online. They now have the time and the money to browse the web and book holidays as they please, and they are doing so more and more.
This has the obvious implication of an increase of elderly couples booking travel holidays, and it is another demographic that travel companies should consider targeting. While these pensioners do not want to blow money irresponsibly, they have cash to spend and are probably going to be more concerned with quality accommodation than budget getaways.
While many worry about the recession and its effects on the travel industry, there are new demographics out there that can be capitalised upon. It is now a matter of taking these identified groups and the implications they have for the travel industry, and applying this new information to marketing campaigns.
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