An interesting report recently released by Saga highlights just how times have changed for the Over 50s traveller. Over 10 years, spending on travel and tourism has grown faster for the over 50s than any other age group, accounting for the majority of the UKs spend at 54%.
What’s really interesting is that whilst expenditure has risen by 68% for 50-64 holiday makers; it has increased by a massive 95.3% for 65 -74 year olds and a not to be sniffed at 81.2% for those over 75.
When you take into account that growth for all UK households increased by 50.9%, it appears that the over 50s certainly do have the travel bug.
Of course courtesy of Saga and the other Over 50s travel companies who specialise in holidays on the open seas, it’s probably of no surprise that the over 55s play a significant role in supporting the cruise industry. With an average age of 57, some 66% of cruise passengers were over the age of 55 in 2013, taking advantage of travel with the added benefits of the luxurious surroundings many cruise ships offer.
The report goes on to show that although spend was up for the under 30s, it actually decreased for the 30 to 49 year olds, proving that life really does get better once you reach the magical age of 50. Whoever said blondes have more fun was definitely wrong when it came to holidaying – surely silver is the colour of the moment!
Of course this again highlights the impact the so called ‘grey pound’ has on our commerce, with yet another report today in the Telegraph focusing on how the Over 65s not only prop up the family when it comes to financial matters but the economy as well.
It’s also encouraging to know that in addition to supporting the travel industry as a whole, the Over 75s are also doing their bit to support local tourism too, spending a greater share of money on domestic holidays here in the UK.
It will be interesting to see how this cultural change shapes the future of tourism over coming years and of course how over 50s travel insurance companies step up to the mark, making holiday protection more affordable and accessible for our active over 60s, 70, 80 and dare I say 90 year olds.
Gone is the era of the club 18 to 30 holidays – this is the dawn of the new age; welcome to ‘Club 50 to infinity and beyond’.