Like most consumers, baby boomers are value conscious: When they travel, they want to receive the best value for their money.
And they’re willing to spend top dollar to get it.
If that sounds contradictory, well, it makes perfect sense to most baby boomers.
Boomers — the 76 million Americans born between 1946 and 1964 (and this doesn’t even count the millions more born in Canada, the UK, Australia and other English-speaking baby boom countries of that era) — control 70 percent of the disposable income in the United States. And they purchase 80 percent of luxury travel.
Think about that: 80 percent. Is that a market you ca afford to ignore?
Many seniors — those born before 1946 — are also affluent. The difference is that boomers — unlike Depression- and World War II-nurtured seniors — are willing to spend their money. Boomers grew up in an era of relative affluence, when jobs were plentiful and incomes were rising.
Baby boomers pioneered mass global travel, heading off to Europe and points beyond in the 1960s and 1970s, and have no intentions now of stopping. They travel more than the generations that preceded them and the generations that have proceeded them.
They view travel more as a birthright than a privilege.
Especially as they near retirement age and after they have retired, baby boomers will carefully evaluate costs. But once they’re convinced they’re getting value for their money, they’ll open their wallets and fly or cruise or drive off into new places and new experiences. Just as they’ve always done.
Don’t forget to download my free report, “How to Ride the Coming Wave of Boomers,” available here. It’s all about the best ways to market travel to baby boomers — the biggest-spending group of travelers the world has ever seen. It’s also the easiest way to subscribe to my blog, so you won’t miss a posting. Thanks!