Once retired, older people have more time to visit places they were unable to see when they were younger. This demographic considers travel to be a good way to fulfill their life goals, achieving three fundamental objectives: the first is to get away from everyday life, which is particularly important when the stagnation caused by routine is evident; the second is to reconnect with friends and family, leading to an increase in the number of multigenerational trips; and the third is to relax, significantly improving their health and well-being.
According to data from Eurostat and the INE, 42% of EU residents over the age of 65 took a trip in 2017. If we focus on the profile of Spaniards, 11.3% of travelers fall into this age group, with trips lasting an average of 6.81 days. In addition,Egatur's "tourism expenditure survey" states that 9.7% of the international tourism market is made up of visitors of this type.
It should be noted that the percentage of the population over 65, which currently stands at 18.2%, will rise to 24.9% in 2029 and 38.7% in 2064.
According to Angel García Butragueño, Co-Director of the BRAINTRUST Tourism Barometer, Western society is aging rapidly, with a segment of travelers that needs to be studied, because they will have more and more time, along with considerable purchasing power and a much more youthful spirit, which will make them want to enjoy a second youth, and they will travel more and more, and further afield in search of new experiences. This represents an incalculable business opportunity, as the increase in these travelers must be addressed by companies in the sector when redefining their strategies, value propositions, and brand attributes, and they are obliged to reposition their customer experience for users who demand tailor-made products.
So, what business opportunities can we find in this target audience?
1. Adventure tours:
Adventure-based vacations are one of the fastest-growing segments in the tourism industry. Older people are aware of the benefits of an active lifestyle for healthy aging, and this is also reflected in their vacations. Hiking, street-walking, snorkeling, and cycling have become popular in recent years and are no longer the preserve of young people.
2. Educational trips:
Seniors are expressing renewed interest in so-called "educational" vacations. They believe that learning and expanding their horizons helps them stay young longer, and also makes it easier for them to relate better to their families and society. Educational tours range from visits to local communities to bird-watching hikes, but always with the goal of illustrating and informing while entertaining.
3. Luxury experiences:
A high percentage of people with high incomes are over 65 years old. Therefore, in most developed countries, they are the type of travelers who have the money and time to spend. They are willing to invest more in experiences that guarantee better accommodations, personalized transportation, and itineraries tailored to older people.
4. Multigenerational getaways:
An important priority for those over 65 is multi-generational travel. Retired people greatly value time spent with their families, and since the older generation usually pays for the trip, they seek experiences based on maximum comfort. This audience books their trips in advance to accommodate the busy schedules of their children and grandchildren. A multi-generational trip is usually an annual event in the same place, although some families choose different destinations depending on the occasion.
5. Cruises of all kinds:
Cruising is the perfect style of travel for many seniors: it's easy, predictable, and comfortable. It also allows them to explore new destinations and continue broadening their horizons, whether on the ocean or a river. A large proportion of baby boomers invest in this type of travel, making them the second largest demographic group of cruise passengers globally.
Retirees travel throughout the year, but especially in months such as January. This is because they prefer to avoid peak season, when it is more difficult to make reservations and there are more tourists at different destinations. Since retirees seek comfort on their getaways, they are more likely to choose a luxury cruise line and more spacious suites.
For José Manuel Brell, Co-Director of the BRAINTRUST Tourism Barometer, it is time for the industry to carefully analyze the different types of travelers and adapt to their needs. We are used to segmenting consumers by socio-demographic variables such as age, and gender, and far from thinking that all older people will demand Imserso trips, it is their attitudes towards travel that will determine the products that tourism companies should put on the market. Not all young people travel in the same way, nor do all older people travel in the same way, and a mass product will not fit as it has traditionally done, but rather a product tailored to each profile. Senior tourists will grow exponentially in the coming years, so it is time to renew ourselves in order to survive the changing needs of an industry in constant growth.
At BRAINTRUST, we can help you learn more about this new type of tourist, who is already indispensable for the future of the sector. We have the best resources to advise you on how to develop value propositions that will optimize your market presence.
Would you like more detailed information? Contact us and request our Tourism Barometer, the methodological tool that determines the market's willingness to travel, as well as the trends that allow all travel industry providers to identify business opportunities and tailor their offerings to consumer preferences.
