Millennials are far less price conscious and are four times more willing to spend more on flights and travel during the summer period, versus a mere 5 per cent of over 55s who are prepared to spend more. This is evidence that traditional fixed pricing models are outdated and that dynamic pricing is accepted by younger generations in the age of Amazon and Uber. This is a game changer for many industries. The travel industry has been at the forefront of dynamic pricing, with price flexibility based on certain variables, including demand, the time of year and public / school holidays. This model is accepted by younger consumers, and is shaping how we shop around for the best deal. The ability of travel companies to react, in real-time, to the market and consumer desire is a crucial issue for the travel industry in the digital world today; dynamic pricing helps increase revenue and profits. By also using predictive analytics, travel businesses can ensure they have enough availability to cover demand during peak periods. Get the full story at ITProPortal