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An Insight into baby boomer travel
SYDNEY – Insight Vacations predicts that the increase in Australia’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, “The government’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.
“This, combined with the government’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, “With 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.
“Travel 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.”
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