The Millennial Shift
Planners as well as the average business person are faced with a change, the change in how and when consumers travel. Working as a consultant for a major dinner show I recently encountered this very experience.
Why does it matter when people travel or when they arrive?
LABOR costs… In business most of your expenses are fairly fixed the one place where every business has the ability to control spending is in the area of labor. For instance if your business typically staffs 10 people on a Friday at $10.00 per hour you are looking at a rate of $100 dollars an hour labor cost if you operate on a 10 hour schedule that is $1,000 per day.
On a Tuesday you staff with 5 people because the flow of traffic is traditionally less that is a $500 labor cost for that day.
Now interject a SHIFT in travel habits, the Millennial Shift. Your traffic increases by 30 % on Tuesday and decreases by a similar proportion on Friday… You are understaffed on Tuesday… moral will soon wain. Friday you are over staffed and wasting valuable Cash by paying people to stand around.
Unfortunately the formula is a bit more complex than this, however you get the idea, we all will be playing the Labor Chess Game… Moving pieces and players to where they are needed most.
Millennials are changing the flow of Travel, they are not bound by conventional travel trends. They are frugal they look for adventure and are not tied to the standard 7 travel week. Check ins are increasing on Sundays… Rates are cheaper for early week stays… Travel trends are being greatly altered by this generation
The presentation below indicates travel trends, tips for understanding the new generation.
At RB&A Rich Benjamin & Associates – Digital Marketing we help businesses build websites that work and we help them plan for the future. Please call me if you would like to discuss further. (865) 242-1700