UK: Research commissioned by edyn has shown future travellers want more trips, longer stays, and greater expenditure.
The travellers of the future are also looking for features such as wellness facilities and coworking spaces, as a given, rather than as a bonus, at the places they stay.
edyn, backed by Brookfield since 2018, has seen the trends shown in the results at its own locations, with 88 per cent 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 more than a week.
Stephen McCall, CEO, edyn said: “While many have speculated that the pandemic was a catalyst to the travel sector evolving, this report demonstrates that a profound, generational change in traveller behaviour and preference is now upon us. While this is an exciting development, the industry at large will need to adapt, and quickly. At edyn, we have evolved our extended stay legacy into a broader, hybrid offering which has kept pace with these changes in demand led by a community-based, lifestyle experience. The broader sector continues to move forward, despite undeniable recent challenges, to accommodate resilient demand for experiential travel. In this context, the trends outlined in this paper are set to underpin a new chapter for hospitality, and we can’t wait to see what the future has in store.”
edyn sponsored the Centre for Economics and Business to define “The Future of Travel-Hospitality” and the survey included 2,000 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 results reveal generational shifts in consumer habits that are likely to transform the sector:
Generation Z to take longer trips: Generation Z consumers are expected to increase their expected length of stay by 26 per cent from 2019 to 2023, the largest relative increase of any age group surveyed.
Younger generations seek more functional features: Generation Z and Millennials showed greater preference for additional accommodation features on every possible count. 51 per cent of Millennials and Generation Z consumers say remote working facilities were important to them when choosing accommodation, compared to just 15 per cent of older generations. Other features mentioned include wellness/fitness facilities, membership schemes, and extended stay options.
Desire for more led by Generation Z and Millennials but reflected in broader population: The results reveal that European travellers are looking to make 1.4 times as many trips, stay for an average of 1.3 nights longer, and spend 14 per cent more per night than before the pandemic in 2019.
The paper also shows more specific generational differences:
34 per cent of Generation Z and Millennials say they plan to take longer trips than they did before the pandemic, compared to 15 perc ent of older generations
56 per cent of Generation Z and 51 per cent of Millennials would like to live in multiple cities throughout the year, compared to 31 per cent of older generations
Millennials and Generation Z are willing to pay 17 per cent more for extended stay options, compared to a general average of 10 per cent
Edyn three acquisitions this year, with three new openings planned for 2023 in Zurich, London (Kensington) and Berlin.
The group plans to open new properties in Lisbon and Paris during 2024.
