We recently attended Tourism Australia’s Destination Australia conference.
MasterCard‘s Senior Vice President and Group Head of Market Insights, Sarah Quinlan, shared some particularly powerful insights on how we, as tourism marketers, can influence travel purchases.
Where does all the money go?
By looking at their customers’ spendings in real time, Mastercard have identified some telling insights for tourism marketers:
- People repeat their spending behaviour
- Women make 75% of the world’s transactions and likely influence the other 25%
- Baby Boomers are the richest generation there might ever be and they are spending the most on their children
- 85% of people use a mobile device to shop
- 52% of millennials are spending money in restaurants and won’t ever be home cooks
What does this mean for tourism marketers?
When marketing to consumers, we need to show them what they will experience to trigger the intent to purchase.
Our understanding of repeated consumer behaviour is crucial. Increases in repeated purchase and consumption are linked with increases in market share of a brand, customer lifetime value, and share of wallet.
Women are the most powerful consumers in the world. The global incomes of women are predicted to reach a staggering $18 trillion by 2018 and their impact on the economy is increasing rapidly.
When a woman isn’t purchasing something for herself, she is often the influence or veto vote behind someone else’s purchase.
From a brand perspective, all products – even those traditionally made for men – need to be marketed with women in mind as well.