Millennials and Gen Z: How STEP Wins Them Over
When it comes to travel and hospitality the youngest generations are fast becoming the most vital. There are 2.5 billion millennials, and their younger counterparts Gen Z boast $200 billion in purchasing power in the U.S. alone. With this budding demographic’s high population and enormous spending potential, travel and hospitality providers would be all but foolish to ignore them—and the behavioral shifts and preferences unique to them.
Bottom line: Millennials and Gen Z don’t behave like their elders—far from it, actually. These demographics have their own needs and desires to which brands must cater in order to win their loyalty. The STEP Travel protocol caters specifically to these groups. Below are key characteristics that distinguish this young demo, and why STEP is perfectly suited to meet their ever-growing demands:
Rebel Against Centralization
Millennials and Gen Z came of age during the Housing Crisis, the Great Recession, and Occupy Wall Street. They’ve seen how corrupt centralized institutions like big banks and government organizations brought about financial ruin. So naturally, this demographic rebels against centralization, while demanding openness and transparency.
STEP exceeds expectations in this area: By operating on the blockchain, STEP provides travelers with a decentralized and transparent platform to plan and book vacations. STEP’s blockchain technology also allows millennials to bypass the online travel agencies like Expedia and Priceline that have dominated the travel industry and driven up prices.
Digital and Crypto Natives
To say millennials and Gen Z are no strangers to technology is beyond a massive understatement. Email, smartphones, social media, the sharing economy—even the Internet itself—all emerged during their formative years and played a vital role in this group’s upbringings. So whenever a new technology emerges, millennials and Gen Z don’t run away it from it—they embrace it. Not to mention the fact that these demographics grew up playing video games with tokens. They are already virtually programmed/trained in the use of digital currency already, whether or not they’ve even thought about it that way yet!
It’s no surprise then that they are flocking to cryptocurrency as an alternative way to purchase and sell goods. STEP brings cryptocurrency to the travel and hospitality industries by tokenizing travel transactions, such as the hotel room night. This is a shift that, for Millennials and Gen Z, is first behavioral and secondarily, technological. Read: STEP accommodates a tectonic behavioral shift that has already taken place—not asking a demographic to adopt services and products they’re not currently asking for.
Driven By Experiences
When Millennials travel, it’s definitely not to collect souvenirs. It’s for the sights, the sounds, the tastes—the experiences they can’t physically hold, but that will live on in their memories (and their Instagram feeds) forever. A whopping 78% of millennials would choose to spend their money on a desirable experience over a coveted object. Just think about that.
The Loop Hotels, STEP’s upcoming hospitality brand, will take full advantage of millennials’ desire to create lasting memories. The brand will lead experiences specifically catered to millennials’ tastes, including action sports, gaming, super extensive events, and live entertainment. By prioritizing memories over materials, The Loop will keep millennials immersed and engaged.
Like all generations, millennials and Gen Z desire to feel belonged and connected. However, they go about it differently than older generations. As digital natives, these younger generations are embracing online communities formed by social media and gaming. These digital communities keep Millennials and Gen Z active, engaged, and immersed.
When millennials and Gen Z use STEP, they’re joining a community of travelers and hotel owners the world over. This community incentivizes participation by offering a rewards system for activities—even for posting reviews. STEP’s community ensures that travelers stay active and engaged with the system, and keep using it for their travels.
FOMO and YOLO
Older generations may like to spend their vacations relaxing, but millennials crave adventure and excitement. After all, their defining credos are #FOMO (Fear of Missing Out) and #YOLO (You Only Live Once). So they’re drawn to whatever the hot new trend is, especially when they’re traveling. With fast-paced activities from gaming to action sports to live entertainment, The Loop will satisfy millennials’ hunger to live life to the fullest, while keeping them on the edge of their seats.
Offering products and services optimized to meet the already-obvious needs of Millennials and Gen Z is critical to the future of the travel and hospitality industries. Whether it’s an aptitude for digital technology, desire for experiences, or demand for transparency, STEP’s cryptoeconomic ecosystem is crafted to serve and delight the youngest—and most important—generation yet.