In 2014, the total economic contribution to travel and leisure for the global economy was $7.58 trillion, according to Statista.com. Shifts in the economy, new technology, and contemporary parenting have had a measurable impact on the rapid and sustained growth of this travel segment, specifically how it is packaged, planned and paid for. Lindsey Ueberroth, President & CEO of Preferred Hotels & Resorts, which represents a diverse global portfolio of independent hotels and independent hotel experiences, tells TheStreet’s Jill Malandrino in the U.S. there is such a large baby boomer demographic that are now becoming grandparents, living longer and have more money to spend on travel with their families. This demographic is doubling at twice the rate and the industry has never seen this trend before. Ueberroth explains, that while the grandparents are funding the trips, it’s the millennials that make 77% of the destination and 65% of activities decisions because they do all the research and use social media as a tool in that process. Social media exerts more influence than ever because the millennials do 70% of their research that way.
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