25 August 2009

Some overlooked travel markets

In a few years, every other leisure holiday-goer will be over the age of 50 in a sometimes overlooked market, according to a new study, but that’s hardly the only neglected travel opportunity.

For example:

---The Germany tourist analyst ADAC Reisemonitor calls the growing older market "a challenge that the industry will have to face," said Martin Buck, Director of the Competence Center, Travel and Logistics. His study predicted every second leisure traveler by 2020 will be 50 years and older.

"With increasing numbers of older vacationers, this target group is acquiring growing importance for the travel sector," he said. "One does not have to have a lot of imagination to realize that the over-50 target group are the ones that will help the travel industry to achieve further growth."

What does that market want? Research shows that instead of beach holidays, older people want more health and wellness vacations as well as destinations.

---Independent studies estimate the gay market at large to be worth USD$514 billion dollars annually, with average household incomes estimated at USD$51,624 for gay men and USD$42,755 for lesbian women, verses a US average of USD$36,500 for the general population.

What the travel industry has learned to appreciate about the gay community is its heavy saturation of "DINK's" (Dual Income, No Kids) households, which translates into more disposable income.

---The multicultural traveler is a market that in the past has been "grossly overlooked by the travel industry," according to a report by the YPartnership. That market in has outpaced the growth of the general population in growth, consumer spending and travel.

---Destination weddings have increased a staggering 400 percent in the US alone in the last few years (source: Conde Nast Bridal Group). Approximately 16 percent of all US first marriages are destination weddings, with almost two-thirds of all US second marriages being held away from hometowns.

The German study also found that older travelers want to learn about foreign cultures and increase their knowledge while on holiday.

In the gay and lesbian market, few households have children (under five percent), giving them more discretionary time to travel.

In the newlywed market, exotic foreign nuptials are not just for celebrities but a dynamic and highly specialized market, according to experts.

by David Wilkening