Over-50s holidaymakers are cutting back on their travel spending this year, although the luxury end of the market is proving more “robust”.
The Silver Travel Advisor Industry Report 2019 found there was a rise from 67% to 77% in the number of over-50s taking up to three holidays in 2019, but conversely the number taking four or more breaks fell from 33% to 23% per year.
The research also revealed that 42% of those surveyed were planning to spend between £1,000 and £3,000 on holidays this year – down by three percentage points from 45% in 2018.
In a sign this group of consumers will splash out less on travel in 2019, there was an increase in those spending up to £1,000 per year from 20% last year to 28% for 2019. But the number of over-50s spending more than £5,000 (12%) remained steady year-on-year.
Despite this fall in holiday spending, most consumers aged over 50 (65%) still think their holiday plans have not changed over the past year.
Debbie Marshall, managing director of Silver Travel Advisor, said: “Things are beginning to polarise, with the luxury end of the market holding steady but more people spending less than £1,000 per head on travel than last year.”
Encouragingly for the trade, nearly one third (31%) of over-50s booked their “more complex” holidays with a travel agent either by visiting a shop (18%), by phone/email (6%), or online (7%). The number of these bookings through agents has been “virtually unchanged” since 2016.
But 58% of respondents make more “straightforward” travel bookings – such as flights and accommodation – online themselves, with only 8% making these transactions by visiting an agency.
