By 2050, people over 60 will account for 22% of the world population – a potential tourism target market that includes over 2 billion people.
Over 60. Over 70. Over 80. Traveling the Planet
The senior traveler has money and currently spends $30 billion annually, occupies 70 percent of all passenger spaces on cruise ships, and spends 74 percent more on holidays than 18-49 y/o. As a group they are becoming more interested in self-education and entertainment, treating tourism and recreation as the prize they deserve for their previous work life which was filled with personal sacrifices. The “new” oldsters, (i.e., the Baby Boomers, 1946-1964) travel frequently (on average 4-5 times per year) and are likely to comfortably afford the expense.
Senior travelers are changing and evolving and are likely to become one of the most significant social transformations for all sectors of society, including labor and financial markets, housing, and transportation, along with changes in family structure and inter-generational relationships.
Tourism Executives Oblivious
Many executives in travel-related sectors are operating without understanding the characteristics and interests of senior travelers and the diverse ways they consume tourism. It is important to recognize that the “newer” older adult has higher levels of human capital in terms of education, skills, abilities, and improved health profiles than their predecessors, enabling them to remain active, and productive, contribute longer to society, and travel.
Define Seniors: A Challenge
There is no clear definition of “older adults.”
The term is inclusive, encompassing such terms as mature market, 50-plus market, senior market, and baby boomers. Some researchers subdivide the group into Life Stages:
