This report examines the travel market for people aged 55 and older; a group currently made up of World War II, Swing and the oldest members of the Baby Boomer generation. Older adults represent a strong potential market for travel suppliers. The growth of vacation travel since 2002, particularly in higher-end travel, points to the ability of older travelers to return to leisure travel. Travelers 55 and older are more likely to have secure financial futures and are less dependent on employment, as many have partially or fully retired. Having raised their children and fulfilled commitments such as mortgages, they can spend more money on travel, and they have the time to do so. Unlike younger travelers, who tend to take shorter trips to conserve both time and money, older adults can plan their travel according to their interests and needs.
Despite these positive factors, this age group also provides unique challenges that differentiate them from their younger counterparts. Many older adults are reticent about traveling alone, and seek additional amenities when they do travel. Some women become more interested in travel when widowed, but if they do not have a ready traveling companion, they may limit travel to visiting friends and relatives.
However, this is a group in transition. The Baby Boomers are approaching the 55 and older segment, and compared to their predecessors, Boomers have traveled more, reached higher levels of education and become accustomed to handling their own travel arrangements using the Internet. This experience will lend them a confidence that could encourage them to travel more as they age. They are also likely to seek out intergenerational travel options, bringing grandchildren with them on trips and taking trips of all lengths, by plane and by car.
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