Travel behaviours: Baby Boomers vs. Millennials
To wrap-up our month looking at the travel market, we’d like to share our latest research into this sector.
We believe that the Baby Boomers segment provides an opportunity for operators in this market, particularly due to their growing numbers and the fact they have more time and money to spend in comparison to their Millennial counterparts.
The number of holidays taken in the last three months has declined across the board in comparison to a year ago, with Millennials seeing this decline more strongly at nearly 30% fewer. The median spend of Baby Boomers on their last holiday – at £800 – is 60% higher than Millennials and has grown by a third since last year. There is also no sign of this growth slowing down, with nearly 30% of Baby Boomers intending to spend more on holidays in the next twelve months in comparison to the previous twelve months.
In this infographic, we have used the results of our UK quarterly consumer tracker to shine a light on the divergent behaviours of Millennials (18-35 year olds) and Baby Boomers (55-70 year olds).