Older people will spend more money on holidays: ABN Amro

People aged 55 and over are expected to spend billions more on holidays in the coming years, according to a study by ABN AMRO commissioned by the travel umbrella organization ANVR. The bank attributes this primarily to the aging population and their higher disposable income.

Economists estimate that by 2027, those aged 55 and over will spend around 10.7 billion euros on vacations, which is 3.5 billion more compared to 2022. This generation often has more to spend as the family typically consists of dual-income earners, and the children have moved out. "This creates opportunities to travel further, choose more luxurious accommodations, and seek unique experiences. This leads to the emergence of new travel trends among older generations, such as active vacations or culinary trips," the study noted.

The popularity of cycling vacations is also on the rise, partly due to the advent of electric bikes. ABN AMRO anticipates that spending on these vacations will surpass 1 billion euros for the first time this year. More than half of this amount is attributed to those aged 55 and over. Hotels and holiday parks are capitalizing on this trend by highlighting cycling routes near their locations and offering secure storage for electric bikes.

ABN AMRO also expects that those aged 65 and over will spend more on vacations in the coming years. The total expenditures of this group are expected to grow by 810 million euros to over 5 billion euros by 2027. "But also, the vacation spending of the 55-64 age group - previously dubbed 'the lost generation' - is significantly on the rise," the bank's economists pointed out.

People aged 55 and over currently account for 41 percent of all tourist overnight stays in European hotels, holiday parks, and star-rated campsites. Tourists aged 65 and over are responsible for nearly a quarter of tourist overnight stays.