As is the case with other developed nations worldwide, the population of the UK is growing older. And as the average age increases, it is likely to result in a greater number of over-55 Brits taking more and more holidays. Is there anything else to this trend?
To get a quick grasp of what is going on here, INBOUND checked with the UK’s Office for National Statistics (ONS), as well as a new release put out by Mintel, the global marketing and research firm with several offices in the UK and more than 50 worldwide.
First, the demographics. Several months ago, ONS put out a news release in which Sarah Coates, from its Centre for Ageing and Demography, reported this: “In 2018, the UK population reached 66.4 million people and migration remained the main driver to population growth. “The structure of the UK’s population is changing: people living longer and having fewer children means the age structure is shifting towards later ages. The ways in which people live are also changing with cohabiting families the fastest-growing family type and more young adults living with their parents.”
While this brief quote invites some rather daunting questions for people such as labor economists (Who is going to replace the current workforce as more of them retire? And how will an aging population with so many older citizens travel?), we offer some of the data for travelers from Mintel’s research in which from which readers can come to their own conclusion:
—The number of holidays taken by over 55s has risen to a record 34 million.
—Domestic holidays taken by over-55s rose by 2
percent in 2018, reaching 20.6 million.
—In a figure of particular interest for those who sell long-haul travel
to North America, the number of holidays abroad taken by over-55s increased by
1 percent in 2018, reaching 13.4 million.
—Over-55s accounted for 32 percent of all holidays taken and 35 percent
of all expenditure. said the Mintel report.
—Mintel found that travel was a high priority for
the over 55s age group When asked to choose their top three priorities for the
next five years, spending time with family came top (54 percent) followed by
improving health (38 percent), relaxing (37 percent) and travelling (36
percent).
“The space between the kids leaving home and the onset of ‘old age’ is
widening,” said John Worthington, Mintel senior analyst, adding,
“For those with the resources to enjoy it this is a golden time for
travel. Competition for the silver pound is set to be intense. Digital research
and online booking are becoming the norm amongst this group, but the trusted
advice of their well-travelled peers is paramount.”
