Although Millennials have passed Baby Boomers as the largest demographic in the United States of America (USA) and generally value experiences over material goods, Boomers have more time and money for travel, according to new research from Phocuwright.
- Although Millennials have passed Baby Boomers as the largest demographic in the United States of America (USA), the Boomers have more time and money for travel;
- New research from Phocuwright shows Baby Boomers spent more consistently and travelled just as frequently than younger generations;
- Phocuswright believes those findings make Boomers “an attractive segment for a range of travel marketers”.
The company’s research shows as more Boomers retired from 2015 to 2017, “they spent more consistently and travelled just as frequently than younger generations in that same time period”.
Phocuswright also concluded 66% of Boomers took at least one leisure trip in 2017, the highest percentage over the previous five years.
Gen Xers spent more on travel than Millennials or Boomers in 2015, but as more Boomers retired, their travel spend matched Gen X by 2016, and notched above Xers in 2017.
The results of the survey are not surprising, given that working Millennials have a fixed period of vacation time and generally much less disposable income than Boomers.
Phocuswright believes those dynamics make Boomers “an attractive segment for a range of travel marketers”.
Earlier in 2018, online travel agency Cheapoair concluded Boomers were also looking to take advantage of lower airfares to foreign destinations for Spring Break travel. At that time booking data showed up-and-coming destinations including Thailand, Vietnam, Costa Rica and Peru are gaining in popularity among Boomers.