The following seven reasons explain why 50+ travellers (in the USA) will rule the airways, railways and hotel hallways into 2014 and beyond.
This gathering of compelling facts comes from MediaPost. See the article for more detail but the summary of facts are here:
1. Market Domination
50+ are responsible for 48% of all vacation expenditures, up from 42% just five years ago—a trend that will continue as 50+ population growth outpaces that of younger age segments.
2. Recession-proof Spending
People 50+ increased post-recession travel spending by 25%. Since 2007, 50+ vacation spending is up nearly $20 million, compared to a $1.7 billion drop among 18-49.
3. ROI Potential
People 50+ spend 23% more on domestic vacations and 22% more on foreign vacations than younger cohorts. 50+ are 45% more likely than younger travellers to spend $5,000+ per year on domestic vacations, and 75% more likely to spend $8,000 per year on foreign vacations.
4. Market Expansion
From just seven years ago, the 60+ travel market has grown by 24%, or 3.6 million travellers. More than 70% of older Boomer travellers prefer to travel to places they have never been.
5. Travel Urgency
In the aftermath of the recession, younger Boomers are concerned there won’t be enough money in retirement to live the good life, so they value gratification that can be realised today.
6. Niche Growth
According to Forbes.com, Boomers are at the core of several travel trends, including: ecotourism, adventure travel, medical tourism, multigenerational travel, passion/hobby vacations (that is, combining a vacation with a passion, such as biking, language learning, food, wine, etc.), and spiritual travel.
7. Plugged In
The 50+ are responsible for over 40% of all online expenditures. Often-overlooked in the digital world, they are a prime target for online travel marketing—16 million Americans over 50 go online every month to make travel plans, a number that has grown by 31% in the last five years.
It seems that no one travels more than the older market.