It's all very well travel brands focusing their efforts on the lucrative Millennial consumer group, but recent research suggests they need to take care they're not missing a very big trick.
It appears that, despite the fact that Millennials have been lauded by Forbes as the generation changing the face of business travel, travelling more for work than their older colleagues and blending business and leisure enough to form the somewhat dubious portmanteau 'bleisure', it is the over-50s crowd that are spending the most on holidays year-on-year.
A new study, commissioned by over-50s travel specialists Saga, has revealed that over the past five years alone, the over-50s bracket has upped the amount they spend on holidays by almost a quarter (23%) whilst those under 50 have reduced spending by 5% over the same period of time.
According to BBC News, the Institute in Fiscal Studies has attributed this shift to the fallout from the financial crisis, reporting that in the seven years leading up to 2015, those under 30 experienced a drop in income of 7%, whereas those over the age of 60 enjoyed an 11% rise in income over the same period.
Regardless of the reasoning, the over-50s age bracket now represents more than half of the UK's total holiday spend, having parted with £39 billion on travel in 2015 alone.
In fact, even Brexit hasn't put a stop to the surge of over-50s embracing their inner wanderlust. A recent article on the This is Money website reported on Saga's announcement of a boost in profit for the six months to July 31. It also revealed that a recent poll from the travel provider found that 99% of Saga customers would not reconsider future holiday plans due to Brexit.
Although last year, over-50s travel spend included a significant £2.1 billion on cruises, it would be a mistake to pigeon-hole the older generation as solely choosing this sort of holiday. Adventure trips are becoming increasingly popular choices for this market with Saga reporting that one of their popular trips was exploring the silk road in Uzbekistan.
When it comes to catering to this demographic, it's really best to keep your train of thought simple. The most successful brands identify key segments of their target demographic and design their goods, services and communications to meet those needs. Digital solutions can go a long way towards helping you put together the best and most appealing experience for your target customers. Call us on 0844 357 7973 or contact us to find out more.