With impressive buying power and unique travel habits, Baby Boomers have recently begun to outperform all other generations and dominate the travel industry. Baby Boomers bring broad interests and a desire for authentic and experiential travel to the industry.
Greater Concern with Value Vs Price
Without kids in the home and more liquid cash in retirement, Baby Boomers have greater financial resources to travel with than before. Despite most Baby Boomers aiming to take at least four trips per year with a $7,314 annual budget, COVID-19 limited these travel opportunities. Consequently, older adults are ready to spend $8,369 per year in travel, and those over 70 willing to spend more than $11,500.
Baby Boomers aren’t just throwing their money at travel services, however. They’re increasingly more concerned with getting better value from travel costs and balancing experience with price. That translates to cruises, comfortable hotels and luxury travel.
New and Exciting Experiences
Baby Boomers tend to be healthier and better educated than previous generations of senior groups. As such, they’re more interested in novelty and adrenaline-inducing activities while traveling to experience a sense of mental stimulation, freedom, and fun.
Senior travelers are opting for domestic road trips, prioritizing quiet locations and disconnecting from their phones and digital media. For those that travel abroad, they’re more likely to pick their destination based on cultural value and are interested in gaining new experiences, learning about their destination, going on tours, and trying new foods.