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Older Adults and Travel - USPublished by: Mintel International Group Ltd. Published: Jul. 1, 2004 - 78 Pages Table of ContentsINTRODUCTION AND ABBREVIATIONS Introduction Other Relevant Reports Definition Abbreviations & Terms Abbreviations Terms EXECUTIVE SUMMARY Long and Short Trips Large Group of Older Americans Shifting Demographics High Discretionary Income Changing Perceptions of "What is Old" Health Concerns Computer-savvy Interest in Memorable Travel Experiences TRAVEL MARKET-BACKGROUND Figure 1: Travel expenditures in the U.S., at current and constant prices, 1998-2003 Graph 1: Travel expenditures in the U.S., at current and constant prices, 1998-2003 DEMOGRAPHICS OF OLDER ADULTS Introduction Figure 2: Profile of adults aged 55 and older, 2003 Age Figure 3: U.S. population by generations, 2003 Gender Figure 4: U.S. population, total and by age and gender, 2003 Race/Ethnicity Figure 5: U.S. population, by age, race and Hispanic origin, 2003 Figure 6: U.S. population, percentage share by age, race and Hispanic origin, 2003 Education Figure 7: Educational attainment, by age, 2002 Household income Figure 8: Median and per capita household income by age of householder, 2002 Graph 2: Median and per capita household income by age of householder, 2002 Figure 9: Households with discretionary income, by age of householder, 2000 Graph 3: Average amount of discretionary income by age of householder, 2000 Marital statu Figure 10: Age and marital status, 2002 Figure 11: Age and marital status, percentage of total, 2002 MARKET FACTORS Introduction Shifting demographics Figure 12: U.S. population projections, by age, 2000-2010 Definitions and perceptions of aging Discretionary income Figure 13: Households with discretionary income, 2000 Visits to friends and relatives Increased mobility and migration rates Empty nest syndrome Figure 14: Presence of children in households, by age of householder, 2003 Travel with grandchildren Changes in attitudes about retirement Figure 15: What retirement means to older adults, 2001 Figure 16: Pre-retiree hopes and expectations for retirement, 2001 Figure 17: Factors in the decision to work in retirement*, adults aged 45 and older, 2003 Older adults' views on the future Health concerns Figure 18: Incidence of major ailments among adults 55 and older, January-September 2003 Convenience of online travel booking Figure 19: Incidence of Internet usage and PC ownership among older adults, January-September 2003 Figure 20: Total U.S. retail sales of Internet travel, at current and constant prices, 1998-2003 Graph 4: Total U.S. retail sales of Internet travel, at current and constant prices, 1998-2003 Figure 21: Travel booking on the Internet, by age, August 2003 TRAVEL HABITS AND ATTITUDES Introduction INCIDENCE OF AND REASONS FOR TRAVEL Incidence of domestic and foreign travel Figure 22: Domestic and foreign travel, January-September 2003 Figure 23: Domestic and foreign travel, by age, January-September 2003 Reasons for any domestic travel Figure 24: Reason for any domestic trip in last 12 months, January-September 2003 ASPECTS OF LAST DOMESTIC TRIP Figure 25: Aspects of last domestic trip, January-September 2003 Reasons for last domestic trip Figure 26: Reasons for travel for last domestic trip, by age, January-September 2003 Type of transportation Figure 27: Mode of transportation for last domestic trip by adults 55 and older, January-September 2003 Figure 28: Mode of transportation for last domestic trip by adults 55 and over, by race/ethnicity, January-September 2003 Figure 29: Mode of transportation for last domestic trip by adults 55 and older, by household income, January-September 2003 Figure 30: Mode of transportation for last domestic trip by adults aged 55 and older, by educational attainment, January-September 2003 Type of accommodation for last domestic trip Figure 31: Type of accommodation on last domestic trip by adults 55 and older, January-September 2003 Figure 32: Type of accommodation on last domestic trip by adults 55 and older, by race/ethnicity, January-September 2003 Figure 33: Type of accommodation on last domestic trip by adults aged 55 and older, by household income, January-September 2003 Number of nights away for last domestic trip Figure 34: Nights away on last domestic trip, January-September 2003 Figure 35: Nights away on last domestic trip by adults 55 and older, by household income, January-September 2003 Figure 36: Nights away on last domestic trip by adults aged 55 and older, by race/ethnicity, January-September 2003 States visited Figure 37: Most visited states, all vs adults aged 55 and older, January-September 2003 DRIVING Distance willing to drive Figure 38: Acceptable time to drive for leisure trips, May 2004 LAST MINUTE TRAVEL Willingness for last-minute travel Figure 39: Last-minute travel, May 2004 Figure 40: Last-minute travel, all vs adults aged 55 and older, by marital status, May 2004 Figure 41: Last-minute travel, all vs adults aged 55 and older, by household income, May 2004 Incidence of and reasons for last-minute travel Figure 42: Reasons for last-minute travel, May 2004 Figure 43: Factors in last-minute travel, all vs adults aged 55 and older, by household income, May 2004 Figure 44: Factors in last-minute travel, all vs adults aged 55 and older, by marital status, May 2004 OTHER ASPECTS OF TRAVEL Traveling companions Figure 45: Traveling companions, May 2004 Figure 46: Traveling companions, all vs adults aged 55 and older, by marital status, May 2004 Two key attitudes toward travel Figure 47: Attitudes toward travel, May 2004 Figure 48: Attitudes toward travel, all vs adults aged 55 and older, by household income, May 2004 SUMMARY Introduction Duration of trips Arrangements for domestic travel Last-minute travel Travel companions Family-oriented flights, low fare factors APPENDIX: TRADE ASSOCIATIONS APPENDIX: RESEARCH METHODOLOGY Consumer Research Sampling & Weighting Presentation & Definition Further Analysis Trade Research Informal trade research Formal trade research Desk & Internet Research Sources Definitions Forecasts APPENDIX: WHAT IS MINTEL? Mintel Publications Mintel Services Product retrieval Retail audits Tailored research Global New Products Database Research Support/Consultancy/MIC The Mintel Information Centre (MiC) PR Research AbstractOlder adults, defined as age 55 and older, represent a strong potential market for travel suppliers in that many of them have enough disposable income and time to travel. However, this group provides unique challenges that differentiates them from their younger counterparts. Today's older adults are reluctant to travel alone, and they wish to be taken care of when they do travel. As women outlive men, this creates a pool of women who are interested in travel, but if they do not have a ready traveling companion, they may choose not to travel, or may limit travel to visits to friends and relatives.
However, this is a group in transition as well. The Baby Boomers are approaching the 55 and older segment, and compared to their predecessors the Boomers have traveled more, reached higher levels of education and become accustomed to handling their own travel arrangements using the Internet. This experience will lend them a confidence that could encourage them to travel more, even if they are widowed. They are also likely to seek out intergenerational travel options, bringing grandchildren with them on trips and taking trips of all lengths, by plane and by car.
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