Baby Boomer Travel Market Set to Grow, while Generation Y shrinks
The Baby Boomer segment of the travel market, in terms of expenditure, will
continue to grow over the coming decades, while Generation X is fast becoming a
driving force.
The smaller Generation Y tends to stay at home, having become "slaves to the
screen".
Delegates to the 55th Pacific Asia Travel Association (PATA) Annual Conference
learned this during the April 25 plenary session on "Baby Boomers and the
Challenge of Generations X & Y", moderated by Editor of PATA Premier Partner
magazine TIME International.
Asian Demographics CEO & Director Dr Clint Laurent said Asia is not a "young
market", as many may think. For example, China (PRC)'s one-child policy has
created a numeric imbalance between older and younger generations in the same
way that the Baby Boomers generation has in Japan.
Dr Laurent said the region holds multiple segments based on age and affluence,
and he grouped countries with similar demographics:
** Japan has the largest and most affluent Baby Boomer market
** The over-40 segment in Hong Kong, Chinese Taipei and Korea (ROK) is climbing
the fastest
** 1% of China's 200 million Baby Boomers have a "reasonable sum of money and
time"
** India has the youngest market.
Japan Travel Bureau Foundation Managing Director-Marketing Mr Hidetoshi
Kobayashi presented statistics for the Japanese market that show Baby Boomers
and Generation X driving the country's outbound travel.
Mr Kobayashi said Generation Y is less eager to travel, preferring to purchase
goods. Travel must compete with home entertainment and the Internet for the
attention of Generation Y, he said.
High-yield Australian and New Zealand Baby Boomers spend AU$200-AU$300 per
person, per day, according to Roy Morgan Research International Director-Travel,
Tourism & Leisure Ms Jane Ianniello.
Though they mostly travel to English-speaking countries, Ms Ianniello said that
conversion rates for Asia Pacific destinations are very high, because they are
close.
DERTOUR Director-Africa/Middle East/Asia Pacific Ms Petra Fraatz said that
German Baby Boomer travellers to the Asia Pacific require flexibility, as they
prefer to create their own holiday packages. She said generations X and Y are
more difficult to predict.
Ms Fraatz said that population development over the next 30 years shows a
growing Baby Boomer market, while the younger market is continuously shrinking.
SOURCE: www.PATA.org
All of the above text is a press release provided by the quoted organization.
TheMatureMarket.com accepts no responsibility for their accuracy.
By
M.B. Date
26-04-2006
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