Short-term Rentals Shift Focus to Experiences as Gen Z Emerges
Jasmine Marshall discusses the influence of Gen Z on the short-term rental sector during a recent conference.
Short-term Rentals Shift Focus to Experiences as Gen Z Emerges
At the Short-term Rentals Asia Conference in Bangkok, 17-year-old Jasmine Marshall highlighted how her generation is reshaping the short-term rental industry. She stated, “The ones driving the growth [of the industry] aren’t always the ones with their credit cards yet: they’re people like me. But in a few years, my generation will be making these bookings independently, and we will be shaping bookings and experiences and deciding which properties continue to thrive.”
Currently, short-term rentals comprise about 24% of Thailand’s accommodation market, generating nearly $480 million annually.
Interestingly, individuals under 20 dominate the influence when it comes to family travel decisions. Jasmine expressed, “You might be wondering what a 17-year-old could possibly teach experienced property owners. However, we are the primary influencers of billions in tourism revenue.”
Renting homes for tourists is evolving into a significant business in Asia, particularly as destinations like Thailand see millions of visitors each month. Not merely places to stay, short-term rentals are driving economic growth in local communities.
Younger travelers prioritize:
- Eco-friendly properties: Those contributing positively to local economies and communities.
- Flexibility and personalization: They prefer customizable check-in times and easy cancellation policies.
- Experiential stays: Accommodations allowing for authentic local experiences.
- Accessibility: Properties accommodating various needs are preferred over standard commercial options.
Catering to the Experience Generation
Jasmine emphasized that travel for her peers involves seeking depth and meaning, stating: “We are the Experience Generation. We want experiences over luxury … If a property feels staged, we scroll right past it; if it feels real, we save it, share it, and plan a trip around it.”
Around 70% of Gen Z travelers prefer cultural exploration over partying, with the Sober Curious movement contributing to a decline in alcohol consumption among younger generations.
Jasmine concluded by advocating for properties that enhance mental and physical well-being, emphasizing the importance of authentic design and personal touches in accommodations.
