With their penchant for adventure, love for unique experiences, and fast-paced lifestyle, it’s no wonder that millennials account for roughly 60% of all guests who have booked on Airbnb. This peer-to-peer platform prides itself on creating authentic travel experiences, available instantly through the Instant Book feature. And with a collection of new programs and benefits being rolled out, such as “Business Travel Ready” amenities and the “Airbnb Experiences” platform, Airbnb is expected to keep growing!
While the number of millennials who have booked on Airbnb has grown more than 120% in the past year, this generation isn’t the only one intent on booking holiday rentals. Baby boomers are also on the lookout for excellent vacation accommodation. When it comes to travelling, baby boomers and millennials appear to have much in common, most notably their “zest for life”. Though, according to Airbnb, where millennials are intent on travelling to define their aspirations, baby boomers are seeking genuine interactions and relationships.
Across the world, Airbnb estimates that over 1.6 billion people are at least 50 years old. And for a large proportion of Baby Boomers in North America, travel is a priority. According to a 2017 report by AARP Research, 99% of these Boomers anticipate travelling for leisure over the next year, with an average of 5 trips in the works. This massive market of consumers will undoubtedly be searching for holiday rentals during their vacations, and, according to Tripping.com, Boomers are expected to drive the biggest share of the rental growth, with a 17% expected increase in those who plan to rent this year. Already, in Australia and New Zealand, Airbnb’s recent partnership with Over60, an online community for seniors, will promote and encourage the use of Airbnb within the senior community.
There are several reasons why the Baby Boomer generation is expected to turn to home sharing platforms for their vacation accommodation. One of these involves the Boomer’s emphasis on relationships and family time. For Boomers, spending time with family and friends is a key motivator when it comes to travel. Therefore, rentals that promote family or multi-generational experiences are especially appealing. A survey conducted by Tripping.com demonstrated that multigenerational travel is one of the biggest travel trends today, with grandparents, parents, and children joining together for adventures across the world. Home sharing platforms are recognized for featuring accommodations that provide more space and family-friendly amenities. It’s no surprise that Baby Boomers are starting to look towards these platforms for their family vacations!
Like the millennial generation, authentic travel experiences are beginning to appeal to Baby Boomers as well. A significant portion of this older generation indicates that, whilst travelling, they would like to eat a meal or take a tour with locals. In terms of accommodation, 18% are now interested in staying with locals. Once again, home sharing platforms like Airbnb are perfectly positioned within the market, as they are recognized for creating unique and authentic travel experiences.
With the increase in travelling Baby Boomers around the world, it’s certainly worth getting in on the ground floor! In terms of customer base, Baby Boomers are excellent guests! According to VRBO, retirees and snowbirds tend to commit to longer vacations, and so, book for longer stays. And, if family and friends come along, they book for more people! Research conducted by AARP also indicates that Baby Boomers are not overly concerned about budgeting for personal travel and they tend to have a higher disposable income. This is a worldwide network of travellers who tend to stay longer and spend more!
What does this mean for traditional businesses?
It’s clear that Baby Boomers represent a massive, growing market of travelers — booking longer stays, traveling more often, and spending more while they do it. Traditional accommodation providers who want to stay ahead of the curve should ensure their properties are visible where these travelers are searching: on home sharing platforms like Airbnb and VRBO.
