Millennials? Who cares! Boomers are where the money is.

Millennials are the generation that all industries need to understand, and if a company or industry doesn't get them, it's likely the final nail in their coffin. As travelers, millennials are an adventurous demographic that seeks authentic experiences, fueling their love for travel. However, as a group, they are still very price-sensitive and brand-agnostic; millennials like to shop around and find the best travel deals. In its love affair with millennials, the travel industry runs the risk of overlooking another key group of travelers: baby boomers.

Although they may be outnumbered by millennials, boomers still account for around 75 million Americans, and are becoming an even more substantial portion of the traveler population. Nearly three in 10 U.S. leisure travelers were baby boomers in 2016, up from 24% in 2015. Boomers may take fewer leisure trips each year, but when they do travel, they take longer trips – often seven nights or more – and spend more money than millennials as well. Boomers are the only age group that increased travel spend from 2015 to 2016.

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When preparing for the next few years, travel companies should be careful not to entirely ignore baby boomers in favor of millennials. To the contrary, they should embrace this older demographic, since every year more boomers enter retirement, and many have the time, disposable income and strong inclination to travel.

RELATED RESEARCH
U.S. Leisure Travel: Core Consumer Metrics, a U.S. Consumer Travel Ninth Edition Report