Europe’s Golden Generation Travel Market is Projected to Grow at a 4% CAGR in 2032 | FMI
The Europe’s Golden Generation Travel Market is estimated to reach US$ 68 Bn in 2022. As per the report, sales are forecast to increase at a robust 4% CAGR, with the market valuation reaching US$ 88.81 Bn by 2032.
There is a rise in senior tourists in Europe’s tourism market. The travellers in the age group of 55 years and above are referred as the golden generation tourists.
This segment contains working as well as retired populations. Also, they have a decent spending capacity and time to travel. By virtue of which, the golden generation travellers account for a major share in the tourism market globally. These travellers travel for several purposes such as holiday, visiting friends or family or for medical reasons in some cases.
They also account for a major share in the outbound tourism market. The working group among the golden generation travel for business purposes too.
Moreover, there are several initiatives which are put in place by various countries in the EU. These initiatives improve the convenience of the travellers while providing additional financial support in some countries. The areas with the most cultural significance, natural beauty, and historical significance are the ones that Europe’s golden generation travels to the most. France, Spain, Germany, and Italy are the most travelled to countries. Austria, the United Kingdom, Turkey, Greece, Portugal, the Netherlands, Switzerland, Russia, and Poland are additional regions.
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“Senior travellers are likely to have higher disposable incomes, and have enough free time post-retirement to go for long trips. While they will look for travel options that which offers convenience and comfort while travelling” says an FMI analyst.
- By booking channel, the in-person segment is anticipated to hold a noteworthy share of nearly ~55%.
- Based on packages, Europe’s Golden Generation travelers will continue to opt tour group deals over the normal travel deals.
- By 2050, seniors will make up almost one-fourth of the world’s population. This suggests that they will spend more on travel in the future than all travellers from the younger generation put together.
- Older travellers are concerned about their security, threats, and health safety due to some form of physical disability.
Impact of COVID-19 on the Market:
The epidemic and accompanying laws had the biggest negative impact on the tourism sector. People’s repetitive lifestyles had grown boring and wearisome. As a result, once the situation was under control, travel aficionados began to show up in big numbers. However, the lockdown also caused a significant drop in traveller income, forcing individuals to look for less expensive and more accessible forms of travel, including inexpensive lodging and inexpensive ways of transportation.
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Who is winning?
Leading players in the Europe’s Golden Generation Travel Market are Road Scholars, Globus, Intrepid Travel, Trafalgar, Smithsonian Journeys, Backroads, Overseas Adventure Travel, Elder Treks, Grand Circle Travel, Grand European Tours, and Colette Tours among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Europe’s Golden Generation Travel Market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Europe’s Golden Generation Travel Market by Tourism Type (Cultural Tourism, Culinary Tourism, Sports Tourism, Spiritual Tourism, Medical Tourism, Others) Booking Channel (Phone Booking, Online Booking & In Person Booking) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Package Traveller and Tour Group) – Forecast to 2017 – 2032