Over-45s dominate holiday bookings, says report
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Travellers over the age of 45 make up more than half of all holiday spending, according to a report issued by Travelsphere.
The ‘Frequent Flying and Globe Trekking Older Travellers Report’, released today, said those aged 45-54 are taking more holidays than other age groups, with the 55-64 group identified as the only group to increase long-haul travel between 2008-10.
Further claims said 40% of all long-haul trips were taken by 45-64 year olds and 63% of 55-64 year-olds booked their entire holiday online. Due to the average age of women having children increasing, 45-54 year olds are now more likely to look for beach and package holidays with their children, while those over 55 will switch to a sightseeing or wildlife inspired break.
Holidaymakers over 65 continue to travel the most, with 28% to take two or more foreign trips a year and 40% stay 14 nights or longer. They also take regular domestic holidays, with a quarter taking two annual UK breaks and a fifth taking three or more. They also have a healthy budget, with two thirds of holidays for the 45-64 year old market costing £1,500.
In the future, it is thought there will be eight million pre-retired high spenders by 2020 with people living longer and the number of over 55s to increase to 21 million. Retirement ages will also shift, which is expected to be at 68 by 2044, which Mintel estimates will boost travel spend to £7.6m (from £6.7m).
“Many of today’s older travellers have time, money and the internet at their fingertips to entice and enable,” said Ian Smith, group CEO of the Page & Moy Travel Group. “The UK’s older population is growing at the fastest rate, accounting for 17% of our population today, but is expected to rise to 23% by 2035, so older travellers will continue to dominate the tourism offering at home and abroad”.