A flock of pelicans enjoy the late summer Wascana Lake habitat in Regina
Photo: Claude-Jean Harel
(Originally published in TOURISM)Photo: Claude-Jean Harel
Dr. Peter Tarlow suggests that from a tourism perspective, the burgeoning seniors' market is really three markets: young seniors, middle seniors, and older seniors. Tarlow, a well known speaker on tourism marketing and the author of Tourism Tidbits e-newsletter, crisis management and security, was quoted in Destination World.
Tarlow says young seniors are people born between the years 1946 - 1960, and have added expendable income, fewer home responsibilities, and relatively good health. They are prime candidates to travel. The middle senior market (born between 1930-1946), or pre baby-boomers, spend a greater amount of time visiting family and friends, have slightly higher medical costs, but still desire to travel. The old seniors are those people born before 1930, are less likely to travel, and when they do travel often seek both security and personalized service.
Tarlow points out that - as is the case in much of the developed world - the 'young senior market' is the largest and wealthiest niche market in the US, comprising some 78 million people. He suggests that over the next 9 years their number will grow 3.5% annually, and that these people also are expected to inherit a great deal of money: by the year 2015 American seniors will have inherited approximately US$ 340 billion dollars.
Senior citizens now live longer than their parents did and they tend to be more active and travel more says Tarlow: "By 2015 they will control a large percentage of the world's assets and will have a tendency to both spend more and to demand more. Seniors are not only the developed world's wealthiest group; they are also its most demanding. The parents of today's upcoming senior citizens tended to spoil them as children, which means that senior citizens are not afraid to demand what they want and will complain until they get it, especially the younger seniors who lived through an era of political activism.
Those organizations, businesses and institutions that provide good customer service have a great opportunity to thrive, he emphasizes, suggesting those that do not may face economic destruction and multiple lawsuits.
The full article is available here
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