Focusing on millennials means baby boomers become an oft overlooked, large slice of the U.S. travel pie, according to Phocuswright research analyst Mark Blutstein.
Although the 75.4 million millennials (people age 20-37) outnumber boomers, there are still 74.9 million boomers (age 54-72). Each year more boomers will retire, providing many of them with the time and money to travel.
Boomers also make up a larger share of the traveler population: about 30 percent of U.S. leisure travelers were boomers in 2016, up from 24 percent in 2015, according to Blutstein. That compares with overall U.S. leisure travel declining somewhat in the same period.
While millennial travelers are adventurous and seek authentic experiences, they’re price-sensitive and brand-agnostic, Blutstein says.
Boomers may take fewer leisure trips each year, but they take longer trips – often seven nights or more – and spend more money than millennials, Blutstein said. Boomers are the only age group that increased travel spending from 2015 to 2016.
Boomers expect to take four or five leisure trips this year, spending about $6,400 ― the same or more than in 2017, according to a national survey conducted by AARP.
About half of those survey respondents expect to travel within the United States, with Florida and California being the most popular destinations. The other half plan to travel domestically and internationally. Top choices for those going abroad are the Caribbean/Latin America and Europe.
In 2016, 30 million Americans traveled internationally for leisure, according to the International Trade Administration. Here are some characteristics about U.S. leisure travelers who visited another country that year:
- The average age was 45.
- 54 percent were women
- 58 percent traveled alone
- 91 percent were adults
- 63 percent were on vacation and 32 percent visited family or friends
- The top three international destinations were: Europe (36 percent); the Caribbean (25 percent); and Asia (18 percent).
- The average trip cost $2,398 per person.
- The average household income of travelers was $119,779.