Consumer behavior: The importance of millennials in the tourism industry

The study of consumer behavior has become key for companies in the tourism industry to improve business performance through customer-focused strategies. This interest comes from the increasing need to understand consumption and satisfy consumers. By understanding their customers’ desires and needs, companies can create better products and services, promote them more effectively, and develop marketing plans and strategies that create a sustainable competitive advantage. Over the past few years, the hospitality industry has focused its efforts on understanding millennials. Companies in the industry have been examining their products and offerings in order to satisfy customer demands. Millennials are cost-conscious and experience-focused. Based on this change in preferences, the hospitality industry is constantly looking for innovative and creative alternatives to engage them. This chapter follows the discussion on tourist behavior and contributes to the understanding of millennials’ behavior in the hospitality industry.