May 25, 2017
By AM740 Staff
Zoomers are set to account for a rising share of luxury travel as the generation continues to retire, according to new data from an Age Wave & Merrill Lynch study recently released. Households headed by those 65 years and older have more than 21 times the median wealth of households headed by people under 35. From a travel perspective, the figures become even more powerful.
Consumers 50 years of age and over account for 33 percent of the population, yet they are responsible for 53 percent of airfare expenditures, 59 percent of hotel spending, 74 percent of cruise ship fares and 76 percent of total net worth. What’s more, those aged 55 and older will soon enjoy time affluence like never before, with 2.5 trillion hours of leisure time over the next 20 years.
Zoomers are in search of peak experiences (48 percent) and adventure (45 percent), with 95 percent of retirees saying they prefer to have more enjoyable experiences than more ‘things’. So it’s no wonder that travel organizations are becoming more and more focused on the Zoomer demographic as it becomes clear that this is, as the marketers like to put it, the ‘sweet spot’ for travel.