Europe's Golden Generation Travel Market

Europe's Golden Generation Travel Market Outlook (2022 to 2032)

Europe's Golden Generation Travel Market is estimated to reach US$ 68 Billion in 2022. As per the report, sales are forecast to increase at a robust 4% CAGR, with the market valuation reaching US$ 88.81 Billion by 2032.

Attribute	Details
Europe's Golden Generation Travel Market Estimated Size (2022)	US$ 68 Billion
Europe's Golden Generation Travel Market Projected Size (2032)	US$ 88.81 Billion
Europe's Golden Generation Travel Market Value-based CAGR (2022 to 2032)	4%

2017 to 2021 Europe's Golden Generation Travel Market Outlook Compared to 2022 to 2032 Forecast

The tourist sector in Europe has recently undergone significant change. International tourism can be divided into two categories: inbound and outbound travel. These two types have a significant impact on the global tourism industry, not just in Europe. The tourists may represent various age ranges, faiths, and mentalities. The age bracket of 55 and over is referred to as the Golden Generation. This group resembles older adults, retirees, and persons who are in their retirement period. When a person travels outside of his or her own nation, whether for pleasure or for business, that travel is referred to as outbound tourism.

Due to the expenditures made by the tourists, outbound tourism has an effect on the economy of a nation. The arrivals, overnight stays, and duration of stay of visitors have an impact on the statistics for outbound tourism. In the past, Europe's golden generation dominated nearly one-fourth of the entire European outbound market. The golden generation traveled more frequently than people between the ages of 15 and 54. Some people might go on vacation to observe animals and birds and visit important historical sites, temples, or locations of tragic events that affected humanity. Others would travel to experience new cultures and ways of life.

Why seniors tend to travel by cruises?

Europeans over 60 find cruises to be quite appealing. Elderly passengers aboard the largest, most modern cruise ships, which are loaded with cutting-edge amenities for their age group. The towns and cities that can be visited, as well as the vistas that can be seen while on board, are absolutely incredible. Compared to traditional vacations, cruises are significantly more stress-free and pleasant for seniors. Once they arrive on board, they can unpack in their accommodation and get comfortable for a few relaxing weeks. Everything you require is in one location. There will be dining establishments, stores, pubs, swimming pools, and recreational facilities on the cruise ship.

While aboard the cruise, all entertainment requirements are met. Some of the cruises even feature casinos for local gamblers. There is no need to plan trips or make travel arrangements. The average length of a cruise is three to four weeks. This implies that they will remain surrounded by the same individuals for a considerable amount of time. Therefore, cruises are a fantastic method to meet new people. Cruises provide excellent financial value. Given that you go to so many different nations and far-flung locales, they can provide multiple vacations in one. Additionally, a lot of cruises offer everything you need at the price, including transfers, all-inclusive meals, and flights if necessary. Cruises make life easier for the elderly on holiday.

How advancement in technology affects the golden generation travel?

The technology utilised for travel purposes presents a barrier for older travellers. The tourist business has seen a profound transformation as a result of technological advancement in the previous two decades. Information and communication technologies (ICTs), in particular, have been devised and deployed by businesses and stakeholders in the travel sector to enhance the travel experience. However, it could be difficult for older travellers to adjust to travel-related technologies.

Since travel and tourist activities by definition call for people to be removed from their customary surroundings and daily routines, seniors' use of technology when travelling may differ from their regular use, which could present problems for them. Travel can enhance a senior's quality of life, and technology has also helped to make seniors more independent and self-assured as worries and expectations for a greater degree of life quality and total life satisfaction have continuously increased. However, travelling does provide unique environments and obstacles for elders. Using technology, particularly ICTs for travel, may or may not help to make travelling easier for seniors.

What initiatives has EU undertaken for the golden generation’s travel?

Senior tourism promotion is a tactic promoting active and healthy aging. Traveling actually gives individuals life happiness and keeps them active, prevents loneliness and a lack of purpose in later life, and addresses social isolation, some of the major problems older people experience today. Traveling may be a rewarding experience for elderly folks since it offers a change from their daily routine and involves social interaction, environmental exploration, and encounters with other cultures.

AGE has joined Europe for a senior’s project, which aims to strengthen the European tourism industry with a focus on micro, small, and medium-sized businesses while also fostering senior citizens' active lives by involving them in tourism-related initiatives as both travelers and hosts of out-of-town guests.

The project's primary results will be the creation of senior-friendly vacation packages, a fresh and successful business and organizational structure for senior travel, the establishment of a scheme for Senior Tourism Quality Certification, a test run to confirm the project's results and collection data for the subsequent phase, a business plan for the implementation of the Europe for Seniors strategy over the medium term.

The project is built on a collaborative strategy of a public-private partnership that includes the entire community, involving institutions, the tourism-related business sector with a focus on micro and small, and medium institutions, Senior Associations, groups of interest, and non-profit organizations.

Country-wise Insights

What steps are taken by Spain to enhance the tourism experience for seniors?

The Spanish government is aiming to aid the tourism sector by financially helping seniors on trips

The Spanish government is proposing active vacations during the winter in Spain, preparing a whole trip for which it will pay a portion of the cost, in an effort to make it as simple as possible for seniors from other EU nations to enjoy their free time. The main goal of this ground-breaking service is to provide seniors with options for vacations so they can make the most of their leisure time.

The various civilizations that coexist side by side in Europe can be brought closer together and learn more about one another through travel. Due to this, tours offered by Europe Senior Tourism are also included in efforts to develop the concept of citizenship in Europe.

One of the key objectives of the program is to address the industry's seasonal character, which is one of the major issues it faces. This method of reviving economic activity during the off-season in Spanish tourist spots, which are fully equipped to receive guests throughout the winter, has been developed by Europe Senior Tourism. Additionally, by actively promoting employment, will support the preservation and creation of jobs.

What strategy has Romania adopted to increase senior tourists?

Romanians are focusing on the development of their wine

Wine is something that requires acquired taste and hence it is more popular amongst seniors who have decent knowledge about the flavors and aging of different wines. Romanians have identified this as an opportunity to attract seniors who travel mainly for the purpose of enjoying different cuisines in novel places.

The nation produces wine extremely differently and approaches wine production very differently, which should aid its burgeoning tourism industry. The wine industry is growing even though there aren't many tourists from abroad. Numerous wine regions are now ready to welcome visitors, and wine production is becoming more hygienic.

Another plus is that producers are emphasizing fine wines derived from local grape varieties. An influx of international chefs and sommeliers has also helped to improve the quality of the country's wine. If Romania's wine industry can get its wines in front of well-known wine experts, it may have a promising future, which is anticipated to benefit the country's tourism industry.

Category-wise Insights

Which type of Booking Channel is mostly preferred by golden-generation tourists?

In-person is More Preferred by Tourists

In order to provide specific services to the age group over 50, travel agencies have stepped forward. These services are more specialized and provide a little extra attention for senior persons than they would typically for a younger age group. They go above and beyond the typical duties of handling passport and visa requirements, arranging airfare, hotels, and transportation arrangements to verify that your health is in good shape and is certified to endure the rigors of travel. Seniors find it difficult to book their tours online mode due to a lack of contact with emerging technologies. However, there is a fair share of golden generation travelers who are turning to websites and apps related to tourism for their trips.

What type of tourists will have the major share among golden generation tourists?

International Tourists will account for a major share.

The senior population, in particular, has a higher spending capacity than younger individuals and those of other ages. Due to their increased ability to travel and spend money wherever they like, the tourist industry in Europe that caters to the golden generation is growing at a faster rate. People who are working and between the ages of 55 and 65 appear to be more active when it comes to business travel, which again helps the outbound travel market.

Competitive Landscape

Tour firms tailored to senior travellers have sprouted up in Europe as a result of a rise in the number of travellers 65 and older. The sector has seen a number of trip operators for a while. They don't establish a minimum age requirement and make sure that seniors living with them can easily keep up with the pace. Seniors can get hearing aids from some organisations, and elevators are standard in most hotels. Therefore, elderly folks are able to access hotel rooms and comprehend field instructions. Before leaving, travel plans are also planned. The budget will always be the same in this way.

For instance:

• Popular travel company Road Scholar specialises in educational tours across all of Europe. This business, which was originally known as Elderhostel, primarily serves seniors; the lone exception being its programme for grandchildren and grandparents.
• ElderTreks and Grand Circle Travel offer guides to older people who are older than the age of 50 to make their travel convenient with minimal concern regarding their travel.

Scope of Report

Attribute	Details
Forecast Period	2022 to 2032
Historical Data Available for	2017 to 2021
Market Analysis	US$ Billion for Value
Key Region Covered	Europe
Key Countries Covered	Austria, Belgium, Bulgaria, Croatia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Malta, Netherlands, Poland, Portugal, Spain, and Sweden.
Key Segments Covered	Tourism types, Booking Channel, Tourist Type, Tour Type.
Key Companies Profiled	Road Scholars; Globus; Intrepid Travel; Trafalgar; Smithsonian Journeys; Backroads; Overseas Adventure Travel; Elder Treks; Grand Circle Travel; Grand European Tours; Colette Tours
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Europe's Golden Generation Travel Market by Category

By Tourism Type:

• Cultural Tourism
• Culinary Tourism
• Sports Tourism
• Spiritual Tourism
• Medical Tourism
• Others

By Booking Channel:

• Phone Booking
• Online Booking
• In Person Booking

By Tourist Type:

• Domestic
• International

By Tour Type:

• Independent Traveller
• Package Traveller
• Tour Group

Frequently Asked Questions

What is the current Europe's Golden Generation Travel Market value?

Europe's Golden Generation Travel Market is expected to reach a valuation of US$ 68 Billion in 2022.

What are the key trends driving the Europe's Golden Generation Travel?

Government initiatives post Covid-19, tour packages, and growing efforts towards convenient travel are increasing the amount of golden-generation travelers.

Who are the leading players in the Europe's Golden Generation Travel?

Leading players in Europe's Golden Generation Travel Market are Road Scholars, Globus, Intrepid Travel, Trafalgar, Smithsonian Journeys, Backroads, Overseas Adventure Travel, Elder Treks, Grand Circle Travel, Grand European Tours, and Colette Tours among others.