29 May 2009

An Insight into baby boomer travel

SYDNEY - Insight Vacations predicts that the increase in AustraliaÃ¢â¬â¢s retirement age will have a positive effect on the tourism industry, with longer working Australians turning to travel as a means to take a break.

Lorraine Sharp, managing director, Insight Vacations said, Ã¢â¬ÅâœThe governmentÃ¢â¬â¢s recent announcement that the eligible age for pension payments will increase from 65 to 67 by 2023 means more and more Australians will be staying in the workforce longer.

Ã¢â¬ÅâœThis, combined with the governmentÃ¢â¬â¢s initiative to encourage retirees to keep working after they have left their full-time jobs by offering more generous work bonuses which allow them to keep more of their pension whilst also earning part-time income, will result in an overall increase in disposable income, which can be used on things such as travel."

Sharp added, Ã¢â¬ÅâœWith our core demographic, within the 55+ age bracket, the first to be affected by these changes, I predict we will experience the growth effects within our market as early as next year as baby boomer Australians prepare themselves for a longer working life and move travel higher on their list of priorities as a means of escaping stress.

Ã¢â¬ÅâœTravel is already of top importance to the baby boomer market, with recent Roy Morgan Research, dated March 2009, showing that 50+ year olds are now more likely to take a holiday than the frequent-flying 18 to 29 year old segment, offering excellent opportunities for Insight Vacations."