Author
DR Rob Gandy I UK
The Boomer generation might only represent a little more than a quarter of the total population, but it has been calculated that they account for around 45% of global luxury expenditure.
This is because they look for quality, durability, heritage and craftsmanship in such luxury purchases. So quality matters more than price, but value for money is also of great importance. This behaviour is reflected in Boomers being quite conservative, and favouring big-name brands, or following the advice and recommendations of friends and family rather than succumbing to the temptations put their way by clever and flashy advertisements1.
There is a myth that people entering their 50s can be inactive and uninterested in new trends. This is far from the reality! Boomers are not afraid of technology, and many of those aged under 60 years have embraced online shopping and driven the majority of online growth in luxury.
For Boomers with sufficient resources, when they come to retirement, travel ranks highly amongst their activities. Their spending on travel can be marked and rises significantly after age 65. This might be because they see themselves as being “forever young” or it might be the realisation that they need to get out and visit all the places they have wanted to see before their health becomes a problem (or the (grand)children spend their money for them). Simple senior discounts may not be sufficient to appeal to them.
Boomers can be the bane of the travel agents because they can be choosy. Whilst they prefer diversity in their travel, and will seek out more exotic destinations or more in-depth ways of experiencing familiar places, they will want their creatures comforts, rather than “roughing it”. So they are willing to stay in a wilderness or an exotic locale as long as it comes with the luxuries and amenities they require.
Another growing trend with Boomers is that many will plan their holidays and travel to incorporate the entire family; either bringing their own parents, or their adult children with grandchildren. The question of who pays for such manic adventures I leave you to guess! There may be a balancing act between the quality of a holiday and the quantity of people in the travel party, but because Boomers are and will continue to be the largest affluent generation with the highest proportions of income and wealth for the next few years, they are, and will continue to be, a very valuable target market.
