Europe's Golden Generation Travel Market is estimated to reach USD 68 Billion in 2022. As per the report, sales are forecast to increase at a robust 4% CAGR, with the market valuation reaching USD 88.81 Billion by 2032.
| Attribute | Details |
|---|---|
| Europe's Golden Generation Travel Market Estimated Size (2022) | USD 68 Billion |
| Europe's Golden Generation Travel Market Projected Size (2032) | USD 88.81 Billion |
| Europe's Golden Generation Travel Market Value-based CAGR (2022 to 2032) | 4% |
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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.
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.
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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.
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.
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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.
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.
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.
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.
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.
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| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD 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 is expected to reach a valuation of US$ 68 Billion in 2022.
Government initiatives post Covid-19, tour packages, and growing efforts towards convenient travel are increasing the amount of golden-generation travelers.
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.
1. Executive Summary | Europe's Golden Generation Travel Market 1.1. Global Market Outlook 1.1.1. Who Is Travelling? 1.1.2. How Much Do They Spend? 1.1.3. Direct Contribution of Tourism To GDP 1.1.4. Direct Contribution of Tourism To Employment 1.2. Tourism Evolution Analysis 1.3. FMI Analysis and Recommendations 2. Market Introduction 2.1. Total Spending (USD Million) and Forecast (2022 to 2032) 2.2. Number of Travelers (Million) and Forecast (2022 to 2032) 2.3. Total Spending Y-o-Y Growth Projections (2022 to 2032) 2.4. Number of Travelers Y-o-Y Growth Projections 3. Global Tourism Industry Analysis 3.1. Tourism Industry Overview 3.1.1. Travel & Tourism Industry Contribution To Global GDP 3.1.1.1. Business Spending v/s Leisure Spending 3.1.1.2. Domestic v/s Foreign 3.1.1.3. Direct, Indirect, and Induced 3.1.2. Travel Sector Contribution To Global Overall Employment 3.1.3. Travel & Tourism Growth Rate 3.1.4. Foreign Visitor Exports As Percentage of Total Exports 3.1.5. Capital Investment In Travel & Tourism Industry 3.1.6. Different Components of Travel & Tourism 3.1.7. Global Tourism Industry Outlook 3.1.7.1. Cultural Tourism 3.1.7.2. Culinary Tourism 3.1.7.3. Eco/Sustainable Tourism 3.1.7.4. Sports Tourism 3.1.7.5. Spiritual Tourism 3.1.7.6. Wellness Tourism 3.1.7.7. Others 4. Market Dynamics 4.1. Market Drivers & Opportunities 4.1.1. Growing Government Initiatives for Golden Generation Travelers 4.1.2. Technological Advancement in the Tourism Sector 5. Market Background 5.1. Top 10 Market Companies 5.2. Macro-Economic Factors 5.2.1. GDP Growth Outlook 5.2.2. Industry Value Added 5.2.3. Consumer Spending Outlook 5.2.4. Direct Contribution of Travel & Tourism to GDP 5.2.5. Visitor Exports and International Tourist Arrivals 5.2.6. Capital Investment In Travel & Tourism 5.2.7. Top Tourism Spending Countries 5.3. Forecast Factors - Relevance & Impact 6. Categorizing of Market 2021 6.1. Introduction/ Key Findings 6.2. Current Market Analysis By Tourism Type (% of Demand) 6.2.1. Cultural Tourism 6.2.2. Culinary Tourism 6.2.3. Sports Tourism 6.2.4. Spiritual Tourism 6.2.5. Medical Tourism 6.2.6. Others 6.3. Current Market Analysis By Booking Channel (% of Demand) 6.3.1. Phone Booking 6.3.2. Online Booking 6.3.3. Direct Booking 6.4. Current Market Analysis By Tourist Type (% of Demand) 6.4.1. Domestic 6.4.2. International 6.5. Current Market Analysis By Tour Type (% of Demand) 6.5.1. Independent Traveller 6.5.2. Tour Group 6.5.3. Package Traveller 6.6. Key Findings, By Each Category 7. Competition Analysis 7.1. Competition Dashboard 7.2. Competition Benchmarking 7.3. Competition Deep Dive 7.3.1. Road Scholars 7.3.1.1. Overview 7.3.1.2. Service Portfolio 7.3.1.3. Strategy Overview/Campaigns 7.3.2. Globus 7.3.2.1. Overview 7.3.2.2. Service Portfolio 7.3.2.3. Strategy Overview/Campaigns 7.3.3. Intrepid Travel 7.3.3.1. Overview 7.3.3.2. Service Portfolio 7.3.3.3. Strategy Overview/Campaigns 7.3.4. Trafalgar 7.3.4.1. Overview 7.3.4.2. Service Portfolio 7.3.4.3. Strategy Overview/Campaigns 7.3.5. Smithsonian Journeys 7.3.5.1. Overview 7.3.5.2. Service Portfolio 7.3.5.3. Strategy Overview/Campaigns 7.3.6. Backroads 7.3.6.1. Overview 7.3.6.2. Service Portfolio 7.3.6.3. Strategy Overview/Campaigns 7.3.7. Overseas Adventure Travel 7.3.7.1. Overview 7.3.7.2. Service Portfolio 7.3.7.3. Strategy Overview/Campaigns 7.3.8. Elder Treks 7.3.8.1. Overview 7.3.8.2. Service Portfolio 7.3.8.3. Strategy Overview/Campaigns 7.3.9. Grand Circle Travel 7.3.9.1. Overview 7.3.9.2. Service Portfolio 7.3.9.3. Strategy Overview/Campaigns 7.3.10. Grand European Tours 7.3.10.1. Overview 7.3.10.2. Service Portfolio 7.3.10.3. Strategy Overview/Campaigns 7.3.11. Colette Tours 7.3.11.1. Overview 7.3.11.2. Service Portfolio 7.3.11.3. Strategy Overview/Campaigns 7.4. Social Media Platforms Preferred 7.4.1. Facebook 7.4.2. YouTube 7.4.3. Instagram 7.4.4. Twitter 7.4.5. LinkedIn 7.4.6. Pinterest 7.4.7. Google+ 7.4.8. Others 7.5. Perceptions of the Proposed Bicycle Sector Tour Package 7.6. Consumer Perception for Destinations On Social Media Platforms - Positive and Negative Mentions 7.7. Trending #Hashtags 7.8. Social Media Platform Mentions (% of Total Mentions) 7.9. Region-Wise Social Media Mentions (% of Total Mentions) 7.10. Trending Subject Titles 8. Assumptions and Acronyms Used 9. Research Methodology
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Europe's Golden Generation Travel Market
