Dawn of the New Age Silver Traveller

More over-55s in the UK can now be described as intrepid explorers rather than geriatric

Spending the Inheritance

Middle age is no longer a barrier to adventure, exploration and youthful exuberance. No longer are over-55s feeling like they have 'one foot in the grave'.

Medical breakthroughs have meant that today's over-55s are showing little signs of slowing down.

Coupled with record-low interest rates, and a boom in equity release and property downsizing, these so-called Silver Travellers have no qualms about spending their children's inheritance to pursue their travel dreams.

As a matter of fact, according to the Office of National Statistics, spending by those aged 65+ grew by 75% in the ten years to 2018 versus a 16% fall in spending by those under 50.

Recreation and culture has been a primary benefactor of this boom in expenditure, and this trend is forecast to continue, as medical science advances and people are able to live longer, more productive lives. The over-55s have never had it so good.

The desire to travel and explore the world - after children have left the nest or when retirement looms on the horizon - has never been greater.

A study conducted by Silver Travel Advisor in Autumn 2019 asserts that age is no longer a barrier to seeing the world. Adventure Holidays now appeal to 25% of those over 50 - a rise of eight percentage points compared to 2018. Indeed, the same survey found that 57% of over 50s claim to feel more adventurous than they did in their 30s. At 47%, city breaks remain the most popular holiday type, followed by beach and all inclusive holidays for seniors.

The Shirley Valentine Effect More significantly, the study uncovered that close to five out of ten over 50s from the UK had actually holidayed alone in the last five years. This is no longer a niche market.

Baby Boomers are now the driving force behind the thriving global phenomena of solo travel

Within the UK, solo bookings, as surmised by 101 Singles Holidays 2019, are expected to grow by another 11% in 2020, with 78% of people taking single holidays now aged 50+, compared to 70% in 2017, the majority of whom are female.

Hitwise, a behavioural research tool, says that from analysing searches made by three million UK consumers, it found there was a 143% increase in "solo travel" searches in the past three years. However, over-50s are more likely to be 'flashpackers' than your traditional image of the atypical budget backpacker, flitting from place to place in comfort and style. Most prefer to go it alone, but around a quarter, as outlined by Silver Travel Advisor, would choose an escorted tour, and another 14%, a special interest group - for their solo travails.

Solo travel case does not necessarily mean that someone is resolutely single. It could simply be someone who does not have a companion for their journey; or someone who chooses not to go on holiday with their friends, family or partner. Mintel argues that around a third of solo travellers are actually either married, cohabiting or in a civil partnership.

Despite the freedom and Independence it imparts, travelling solo has a major caveat. Single supplements have long been a bugbear for those journeying on their own. But this practice is seemingly diminishing as more travel and hotel operators cull these prohibitive charges. Some 50% of those interviewed by Silver Travel Advisor were put off from travelling solo by single supplements - a significant number - though this was down from 71% in 2018.

Over-55 British travellers are definitely taking the plunge and spending their hard-earned wealth on accumulating experiences. From a hospitality or travel supplier perspective, this is a lucrative market brimming with opportunities.

But with time and money to travel, this segment harbours high expectations - and they don't mind being vocal about it. Silver Teravellers are also much more digital savvy than they were a decade ago - and will not be afraid to cut down brands on social media and online review platforms that don't meet their exacting standards.

Brand still plays a vital role in their holiday decision making and it for 75% it is an indicator of reliability and quality, as vaunted by Silver Travel Advisor.

But, nothing less than perfection is desired each step of the CX journey for savvy Silver Travellers.

Accommodation is seen as a particularly important element of their holiday, alongside customer service and meals. It is crucial to get these basics right - but even more critical so to exceed expectations within these areas in order to stay one step ahead within the overcrowded marketplace.