Baby Boomers and Vacation - US - December 2010
The U.S. leisure travel market was in decline in 2009 compared to 2008, driven down by the still-staggering economy and the rising cost of travel. While 2010 sales are up over 2009, Americans are still carefully monitoring their discretionary spending. Although Baby Boomers represent more than one third of all leisure travel and nearly 40% of business travel (which often yields rewards through loyalty programs that can be redeemed for vacations), more than two in 10 Boomers responding to Mintel’s exclusive consumer survey report financial reasons as the top justification for canceling or changing vacation plans in the last three years. Moreover, of those who did not travel domestically in the last 12 months or abroad in the last 24 months, more than three quarters did not travel because finances would not allow. This report provides an in-depth examination of the impact of the economy on vacation travel among Baby Boomers, and offers close analysis of the following:
- Signs of recovery from the airline and hotel sectors, which may signal a turnaround for the market
- Wavering consumer confidence, and how Baby Boomers are specifically affected by the stagnant economy
- Social media and tech innovations that assist travelers, including Baby Boomers, through each step of their vacation planning and provide marketers with a platform on which to communicate with and build loyalty among their Boomer customers
- Marketing that integrates online and offline strategies, and how travel companies could better reach Baby Boomers, who represent a vital consumer base
- Responses to Mintel’s exclusive consumer survey and responses to the Experian/Simmons NCS, including wide-ranging investigation into a host of themes- from vacation types, travel frequency, spending, preferences and vacation essentials, to activities, vacation ethics and more
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