The rise of ‘Meaningful purchasing’
Stephen W. Ayers. CEO STAY Ahead Hospitality.
Over this past weekend I could not help but notice articles that covered
purchasing trends in the highly competitive markets of today. Although the
articles themselves dealt mostly with the retail sector, I realized that ‘meaningful
purchasing’ has permeated nearly all aspects of our lives.
In the retail sector many of the large brands are seeing disappointing results
despite aggressive mark downs and sales. Why is this happening? According to
the article the reason is that the new breed of customers is no longer
interested in adding superfluous items to their wardrobes. They do not want to
buy a new pair of shoes just because they can. They are choosing where to spend
their hard earned money much more carefully than before, and they want ‘meaning’
with their purchase. The retail articles they do buy may be chosen for ‘fair
trade’ practices or other reasons that elevate the item in their mind to ‘purchase
worthy’.
How does this translate into the hotel industry?
I have written about this before but would like to elaborate.
While there are of course still vacationers looking for a sun filled,
relaxing holiday on the beach somewhere, there is a rising new breed of
travelers looking for that ‘meaningful purchase’. This comes in a wide variety
of features that prompt the client to buy into a particular vacation.
Some are looking for active vacations that contribute to both fitness
and well-being. Others will look at hotels that have the lowest impact on the
environment, and actively prove that they are doing their best in this
important area. Another feature that attracts is originality. More and more
people are looking for hotels and inns that are historic, or that have an original
theme that runs through the establishment. This could be the décor, ever
changing artist exhibitions, photography, lighting and many more well thought
out features to separate the property from the competition. In other words, a
meaning.
Another important selling point comes with hotels that are involved in
the community, and that give back to their towns and are once again actively becoming
the centers that they once were. This may take the form of upkeep and support
for community centers, or perhaps disadvantaged children’s exhibitions on the
walls of the hotels with all revenue from sales going to the homes.
I believe that the new customers, led chiefly by the millenials, have opened
up huge opportunities for the independent hotelier to get back onto a more
level playing field with the large brands. There are so many new ways and
opportunities to stand out, not necessarily involving major investments, to be
unique and underline the different identities of our independent properties.
The large brands cannot move as fast as the independent operators and policy
will not allow franchisees to create a completely new and ‘meaningful’ identity
for properties.
‘Meaningful purchasing’ is giving independents a great chance to fight
back against the generic brands, a chance to get better rates and begin the
shift away from the OTA’s, and the chance to attract better clientele.
It is time to grab those opportunities!
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