Travel companies have pledged to market holidays ‘responsibly’ as they prepare for more over-55s to dip into their pension pots.
Abta research suggested 20% of 55 to 75-year-olds would consider taking money out of their pensions following regulation changes this week – 35% of whom would consider spending some on holidays.
Of those, 59% planned a ‘holiday of a lifetime’ and 56% would spend more than usual on a holiday. Almost a quarter (24%) would go on a cruise. Respondents were most likely to spend between £2,000 and £5,000 on a holiday (37%).
Barrhead Travel is among those planning to market to pensioners, but chairman Bill Munro said responsible marketing was crucial.
“You have to be careful you are not profiteering at the expense of the pensioner,” he said. “Before you take the plunge, come in and discuss the options to ensure your time and money is spent in a meaningful way. It’s about service, customer care and showing we have genuine social responsibility.”
Munro said he expected a “slow burn” in terms of increased sales.
Aito chairman Derek Moore said members were unlikely to produce “unsubtle advertisements”. He said: “There will just be more holidays that have a clear focus on the more experienced traveller.”
Fred Olsen Cruise Lines has already launched a World’s Top 50 Experiences brochure to coincide with the pension changes.
Publication of the brochure follows a survey of 1,000 50 to 59-year-olds, in which one-fifth said they would spend savings on a cruise.
Debbie Marshall, managing director of mature travellers’ information service Silver Travel Advisor, said requests for “bucket-list trips” had risen, although people were not splashing their cash without a care.