Older travellers bolster holiday industry
The over 50s are now accounting for more than half (51%) of overseas holiday spend and 43% of all UK tourism spend, according to travel insurer LV=.
Whilst the under 50s continue to struggle with belt-tightening, the over 50s spend £17.6bn on travel every year, and this figure is predicted to almost double in a decade.
Furthermore, older holidaymakers spend more per trip, £883 compared to £528 for younger travellers.
With fewer responsibilities and having benefited from economic prosperity, older travellers now account for a third of all UK holidays, whether domestic or overseas.
The most popular holiday destinations remains Spain, France and Italy, but Bulgaria, Poland and Croatia are steadily becoming more popular.
A small majority (54%) prefer buying their holidays using the internet, with only 16% using a travel agent.
LV=’s travel insurance MD Selwyn Fernandes urged travellers of all ages to make sure that they take out appropriate travel insurance.
Fernandes’ call echoes that made by Direct Line in November last year and comes as a wave of protests sweep through the Arab world.
Travel insurance provides peace of mind and a financial safety net, protecting travellers against health risks and other unforeseeable dangers.
Category: Insurance News, LV= News, Travel Insurance News
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