Fit and well-financed seniors set to flood travel market by 2025
TOMORROWâ€™S traveller will look much different from the typical tourist of today with massive growth in the over-65 market predicted.
A new International Travel Insights report by Visa forecasts an 80 per cent surge in travel by over 65-year-old Australians by 2025, to almost two million trips a year.
Worldwide, one in eight international trips will be taken by â€œretireesâ€ who are better off physically and financially than previous generations and seeking to travel more extensively.
â€œWhat will emerge is an expanding â€œtravelling classâ€ that will spend a growing portion of their household income on cross-border travel,â€ said Visa Chief Economist Wayne Best.
â€œTomorrowâ€™s travelling class will likely be older and hail from emerging markets â€” looking very different from todayâ€™s typical international traveller.â€
The report coincides with forecasts by Tourism Research Australia showing the number of Aussies heading overseas should top 10 million next year, and exceed 13 million by 2024-25.
In the same period, international visitors heading down under will increase at twice the rate as domestic tourists, as a result of the rise of the â€œtravelling classâ€ in China, India, Indonesia and Malaysia.
Travelling class … Chinese tourists, including Liu Qing, take turns holding a koala at Currumbin Wildlife Sanctuary on the Gold Coast. Picture: Luke Marsden
Australian Tourism Export Council Managing Director Peter Shelley said Chinese visitors were now growing at such a rate they would overtake New Zealand arrivals in 2018, two years earlier than expected.
â€œThe rapidly growing Chinese middle class sees travel as an essential part of life and this is reflected in strong growth in aviation capacity as demand grows and Australia becomes more accessible to new areas of China,â€ Mr Shelley said.
Heading in the other direction, Australian travellers will continue to favour destinations like Indonesia, Japan, Thailand, New Zealand, the US, the UK and Europe.
As more people head overseas, average Australian household expenditure on travel is tipped to rise from $7069 a year to $8430, well above the world average of $6874.
China will continue to outperform any other tourist market however, spending a total $335 billion a year on travel by 2025, almost double that of US travellers ($176 billion).
On a global scale, Australia will rank 12th by 2025 with expenditure of $40.3 billion on overseas travel behind Canada but ahead of India.
Tourism Research Australia predicts the local visitor economy will be worth $127 billion by 2020, $12 billion more than targeted by Tourism Australia.
Managing Director John Oâ€™Sullivan said there was â€œa lot of optimism around the industry borne out by the latest forecastsâ€.
Source byÂ news.com.au…