Bank of America’s U.S. Trust did a snapshot survey of first-generation wealthy parents. The results were surprising. While it found that fewer than half (49%) said it was personally important to them to leave a financial inheritance to their kids, more than half (64%) said that spending their money on “travel” was personally important.
What this means is that parents and grandparents are now spending their kids’ inheritance on travel! The factors influencing this shift are twofold: Age and the fact that we’re living longer and are in better shape than at any other age in history. Secondly, the massive influence of the internet.
The over 50s are now spending more time online and are designing their own holidays, allowing them to choose their own itinerary and save money on ‘package’ offerings, both of which are important factors for this age group.
Travel trends for people aged 50+
There are some stand-out themes in the type of travel that is popular in our age group:
Cultural Experiences: Many over 50s are seeking more adventure and ‘cultural experiences’, which are leading them to more exotic destinations such as China, South America, the Arctic /Antarctica, Vietnam and the Himalayas. They are also taking the time out for much longer holidays – several months, rather than just weeks.
Cruising: Higher quality cruises offering all-inclusive holidays to a large variety of destinations are seeing a rise in popularity in this age group. The fact that you only need to unpack once is a bonus.
Experience driven holidays: Shorter breaks for the over 50‘s are more ‘experience’ driven than those for younger people. For example, cookery and wine classes, music and writing workshops are all favourites.
Visiting Children: Many over 50s will travel abroad to meet up with their children who may be working on a gap year overseas, or who have settled temporarily or permanently overseas. There are also ‘reunion’ holidays with family members and friends who have relocated.
Singles holidays: Singles holidays is a growth area, either specific over 50s singles holidays or mixed age groups.
Women Traveling Solo: the number of women over 50 who want to travel alone to exotic destinations safely and enjoyably is also growing. Doing some form of charity work or volunteering falls into this category.
Today’s over 50s are no longer content to stay at home and mind the grandkids. What destinations or experiences are on your travel wishlist?