Don't ignore the importance of affluent senior travellers

While the world of travel sometimes seems to be defined by millennial Instagram photos, the group perhaps more deserving of attention from a commercial perspective are silver-haired, gold-pocketed over-60s.

YouGov data shows that these older Britons with an income of more than 200% of the median take significantly more leisure trips than similarly wealthy younger people. One in six (17%) of them travel five or more times a year, compared to one in ten (10%) wealthy under 60s.

Baby boomers who may have once backpacked through Europe on a shoestring now look to see more of the world, and a good portion of them have developed a taste for more expensive holidays and have bank balances to match. One in seven of them (15%) spent over £2,500 on their last holiday, a figure only matched by around one in twenty (6%) of under 60s with similar incomes.

These wealthy retirees represent a potential treasure trove of eager globetrotters with the means to splurge on a suite with a view. So how do they like to fill their golden years? Understandably, they are much more likely to favour a cruise than their younger peers (24% vs 8%), but there are more surprising ways that they are spending their accumulated savings. They like to visit multiple countries in a single trip slightly more than younger wealthy people (24% vs 20%) and a bit keener on safaris as well (8% say this is their favourite type of holiday, compared to 6% of the working age financial peer group).

These older travellers know what they are looking for and they don’t mind paying for it. When asked what their primary motivation for choosing holiday transport is, over a quarter (27%) cite the quality of the service compared to 20% of the working age wealthy. On the flip side, only 16% of richer pensioners are primarily motivated by cheap prices, compared to 29% of equally well-off younger people.

What else sets wealthy older people apart from people of the same age with more modest means? A love of history for one thing. Approaching a quarter (23%) of over 60s with a high income have visited an attraction to see historic artifacts or learn about history in the past year. This compares to just 14% of those on average or lower incomes. When selecting a holiday destination, four in ten wealthier older people (40%) look for cultural and historical sites nearby, while only a quarter (26%) of those in the lower to middle income brackets do the same.

Even among the wealthier older travellers, the availability of high-end services like first class is not as central for choosing their travel arrangements, indeed only 8% of them say this is their primary motivation. Service quality, for example being able to travel at the time they want, is a much bigger concern – this is the most important factor for 27% of them.

While not new, the commercial opportunity presented by older travellers is real and evolving. Delivering a sophisticated offer to appeal to a discerning clientele is challenging, but YouGov’s data points to some pathways to success. With their penchant for quality service, cultural experiences, and willingness to spend more on travel, this demographic is primed for carefully packaged offerings.

There is a clear market for high-quality, culturally rich experiences that justify the premium pricing that older, wealthier globetrotters are amenable to. Those who can successfully tap into this market may find themselves at the forefront of a lucrative and growing trend in the travel sector.