A reported spike in travel bookings from the over-70s shows that this demographic should not be overlooked when businesses make plans for post-pandemic recovery, said GlobalData.
Johanna Bonhill-Smith, travel and tourism analyst at GlobalData, commented: “Not only is this demographic one of the first to be vaccinated, they are also typically big spenders and less hindered by time constraints. This makes this a lucrative demographic to target in order to boost post-pandemic travel.”
Silent generation will drive recovery of tourism given that they are the first to be vaccinated: GlobalData
Only 26 per cent of respondents from the Silent Generation (70+) declared they are ‘extremely’ or ‘quite concerned’ about their personal financial situation, as compared to 77 per cent of Millennials in GlobalData’s Covid-19 Recovery Survey, which polled 5,500 respondents in December 2020.
Feeling ‘hopeful’ was the second most common emotion felt by this demographic in the same survey, suggesting that the rollout of vaccinations is likely to accelerate future travel bookings.
Bonhill-Smith stressed that it is “critical” for travel companies to ditch dated stereotypes of the silent generation as being more brand loyal and less tech-savvy so as to effectively service their future travel needs.
She said this demographic is known for being loyal to one brand, making them a prime target for in-store travel agencies. However, she cited the aforementioned survey by GlobalData which painted a different reality.
Some 50 per cent of silent generation respondents ‘somewhat’ or ‘strongly’ disagreed they would buy products only from their favourite brands.
The same survey found that 30 per cent will now buy more products online rather than visiting a store, and 48 per cent consider supporting small or local businesses as more important than prior to this pandemic – suggesting more opportunity for brand development.
“While the silent generation will never rival the levels of digital engagement associated with the ‘digital natives’, Millennials and Gen Z – who spend more time at home which has led many to become more ‘tech-savvy’ – 47 per cent still declared they would opt to use card or mobile phones instead of cash,” Bonhill-Smith said.
“This poses an opportunity for app engagement, where simple, easy-to-use and personalised platforms may become more desirable.”
City breaks were the second most popular holiday type for the Silent Generation prior to Covid-19, according to GlobalData’s 3Q2019 Global Consumer Survey, which polled 29,744 respondents. This type of holiday, however, is likely to have lost its appeal as older tourists now desire holidays away from urban areas.
In a more recent survey, 31 per cent of silent generation respondents declared they had been experimenting with new cuisines and recipes during the pandemic. Experimenting more at home could boost the appeal of a gastronomic-themed holiday – or simply make it a greater consideration when booking a trip.
Bonhill-Smith concluded: “Millennials and Gen Z have typically been identified as leaders in travel demand post-Covid-19. Despite being labelled as the most vulnerable, the silent generation is the first to be vaccinated which will continue to accelerate future bookings among this demographic, thereby assuring they will play a critical part in the recovery of travel.”
A reported spike in travel bookings from the over-70s shows that this demographic should not be overlooked when businesses make plans for post-pandemic recovery, said GlobalData.
Johanna Bonhill-Smith, travel and tourism analyst at GlobalData, commented: “Not only is this demographic one of the first to be vaccinated, they are also typically big spenders and less hindered by time constraints. This makes this a lucrative demographic to target in order to boost post-pandemic travel.”
Only 26 per cent of respondents from the Silent Generation (70+) declared they are ‘extremely’ or ‘quite concerned’ about their personal financial situation, as compared to 77 per cent of Millennials in GlobalData’s Covid-19 Recovery Survey, which polled 5,500 respondents in December 2020.
Feeling ‘hopeful’ was the second most common emotion felt by this demographic in the same survey, suggesting that the rollout of vaccinations is likely to accelerate future travel bookings.
Bonhill-Smith stressed that it is “critical” for travel companies to ditch dated stereotypes of the silent generation as being more brand loyal and less tech-savvy so as to effectively service their future travel needs.
She said this demographic is known for being loyal to one brand, making them a prime target for in-store travel agencies. However, she cited the aforementioned survey by GlobalData which painted a different reality.
Some 50 per cent of silent generation respondents ‘somewhat’ or ‘strongly’ disagreed they would buy products only from their favourite brands.
The same survey found that 30 per cent will now buy more products online rather than visiting a store, and 48 per cent consider supporting small or local businesses as more important than prior to this pandemic – suggesting more opportunity for brand development.
“While the silent generation will never rival the levels of digital engagement associated with the ‘digital natives’, Millennials and Gen Z – who spend more time at home which has led many to become more ‘tech-savvy’ – 47 per cent still declared they would opt to use card or mobile phones instead of cash,” Bonhill-Smith said.
“This poses an opportunity for app engagement, where simple, easy-to-use and personalised platforms may become more desirable.”
City breaks were the second most popular holiday type for the Silent Generation prior to Covid-19, according to GlobalData’s 3Q2019 Global Consumer Survey, which polled 29,744 respondents. This type of holiday, however, is likely to have lost its appeal as older tourists now desire holidays away from urban areas.
In a more recent survey, 31 per cent of silent generation respondents declared they had been experimenting with new cuisines and recipes during the pandemic. Experimenting more at home could boost the appeal of a gastronomic-themed holiday – or simply make it a greater consideration when booking a trip.
Bonhill-Smith concluded: “Millennials and Gen Z have typically been identified as leaders in travel demand post-Covid-19. Despite being labelled as the most vulnerable, the silent generation is the first to be vaccinated which will continue to accelerate future bookings among this demographic, thereby assuring they will play a critical part in the recovery of travel.”