Most young people are finding it difficult to put away the money for travel these days. But according to new research, no such problem exists for the older generation in 2016. 27th September marks this year’s World Tourism Day, and whether this is a cause for celebration or not seems to very much depend on how old you are. We take a closer look at new figures and ask why the older generation is now spending more or their holidays, as well as where to find a saving for those still looking for a good deal.
The Widening Generational Holiday Gap
A new study carried out by the CEBR consultancy for Saga has shown that older people have increased their spending on travel by 23% on the last 5 years. Whereas those under the age of 60 have reduced their holiday budgets by 5% in the same time period, the BBC reports. In terms of figures, this translates as the over-50s spending £39 billion on travel, including £2.8 billion on cruises alone, meaning they are now responsible for over the UK’s total travel spending. An increasingly important market, we think you’ll agree.
So why is this gap widening?
Growing Income Disparity
Earlier in 2016, the Institute for Fiscal Studies released figures that showed the average income of the under 30s has dropped by 7% in the 7 years leading up to 2015. Whereas the over 60s saw an 11% rise. Although largely put down to the financial crisis, this situation has also been aided by the fact that since 2011, the state pension has risen in line with either average earnings, consumer price inflation or 2.5% - whichever is highest out of the three, also known as the ‘triple lock’. Although this trend currently shows no signs of changing, there are still many holiday options available, and not just for those with the most disposable income.
So where can both these groups go if they want to find savings as well as a wide choice of holiday options?
Just because they have more disposable income, this doesn’t mean many older travellers don’t want a great deal on their holiday. Saga is an obvious starting point for many, being one of the country’s best known operators specialising in breaks for the older generation. But booking using Saga Holidays voucher codes could give prospective holidaymakers much better access to not only their current deals but also the comprehensive range of holidays they have available. Booking a holiday when you’re older is often as much about finding the most stress-free option as it is about finding a good deal, and older travellers will be pleased to know that Travelsphere.co.uk promo codes represent a combination of the two, with a fine selection of savings on escorted tours to a number of dream international destinations.
The Younger Generation
If younger travellers are being forced to tighten their belts when it comes to holidays, where does that leave them when it comes to choice? Well, with a weak pound currently making international travel even more expensive, holidaying on home shores is looking like a much more realistic option for many. Using our YHA England and Wales discount vouchers could provide savings on a budget holiday for those who don’t mind going back to basics. For folks who’d rather travel overseas, budget travel options can be found on European rail travel with OUI.SNCF. As you might have already guessed, both these choices require some creativity and a sense of adventure!
So whatever category you fall into, this World Tourism Day travellers can take comfort in the fact that there’s always a good deal to be found online.
By Anna Scott, 27th September 2016