Older travellers have plenty to spend and are ready to go, says Leger Shearings Group chief executive Liam Race
One travel industry customer demographic that has proved adaptable throughout the past two years is the over-60s market.
While younger millennials were longing for social events to return, and older millennials and Gen X were bogged down by job uncertainties, working from home and family responsibilities, the over-60 baby boomers and older market happily swapped their overseas holidays for exploring the UK.
Content to sightsee and discover more of the remarkable destinations on their doorstep, the over-60s market certainly played an active role in the staycation sector boom.
Travel agents reported that in-between travel restrictions they saw an upturn in business from the older holidaymaker.
In general, customers were cautious about the virus and diligent about checking health and safety but were still keen to spend their hard-earned savings and simply enjoy life.
Travel agents provided the dynamic service the silver market needed: advice on current and varying restrictions, a sole channel for their booking and a human contact should anything change.
Agents shouldn’t underestimate the influence of the silver demographic in the travel sector; about 19% of the UK population is 65 or older and that figure is expected to reach 25% by 2050.
As one of the wealthiest demographics in the UK, the spending power of the ‘silver pound’ is vast and lucrative, and holidays are something this market doesn’t hold back on.
With retirement bringing a new freedom to holiday once, twice or more a year, Britain’s older generations want to make up for lost time during the lockdowns. And although the holidays may sometimes be modest in cost, they’re regular and steady.
Sales for travel agents can thrive if they tap into this demographic.
The younger over-60s market is fit and active these days, with a love of travelling and adventure – but that doesn’t mean they don’t like everything taken care of and peace of mind when booking.
Many older generation customers have time to visit their local agent and prefer all communication to be direct, through more traditional channels, in turn opening a window of opportunity for sales.
Agents would be wise to now nurture and build on the relationships and trust they established during lockdown. Developing a specialism in the over-60s market will keep these customers coming back.
Baby Boomers tend to have more disposable income and, like many, have saved money by not going on lavish holidays for two years.
This generation isn’t prepared to waste any more time putting off things on their wish lists, and lots of travel industry forecasts have reported that 2022 and 2023 could be the time for big holiday bookings to special destinations, or the opportunity could be taken to treat the children and grandchildren to a multi-generational holiday.
This market is also keen on making the most of their holiday experience by booking added excursions, optional extras and transfers, often searching for the ‘full package’.
With high-spend bookings on the rise, adapting to meet the needs of the growing silver demographic will certainly be rewarded.
Older, solo travellers will also look to the travel agent for help.
They want to feel safe and comfortable, and often prefer to travel with their own age group and other solos.
Offering a tailored, one-on-one approach, these are things the travel agent can advise and guide on, check with the holiday supplier, and reassure the customer.
I know I’m biased, but escorted coach tours really do hit the mark with the older traveller. Most 60-70-year-olds and older are looking for a holiday with plenty to see and do, but prefer a hassle-free experience without having to organise it themselves. They can board the coach – and there are some luxurious ones out there – and let the driver do the work.
With carefully planned itineraries, and a friendly representative on hand to assist, coach tours offer the perfect ‘all-round’ holiday for the travel-keen silver demographic.
And, with an aging population, contributions to holiday sales from Britain’s older generations are only going to increase.
So look after the grey market and they’ll come back time and time again.