People over the age of 50 are now taking a third of all holidays, according to research conducted by insurance provider LV= .
The insurer found that older consumers spend on average £883 on each overseas break, compared to their younger counterparts who pay out £528. With the over-50s accounting for over half (51 per cent) of all overseas holiday spending and 43 per cent of UK tourism expenditure, it appears they are making an important contribution to the travel industry.
LV= has found that less conventional destinations such as Poland, Bulgaria and Croatia are attracting the attention of holidaymakers who want to head ‘off the beaten track’.
Selwyn Fernandes, managing director of the firm’s travel insurance division, said: “This research shows that the travel habits of the UK’s older citizens hugely benefit the domestic and overseas tourism industries and by 2020 we can expect to see the over-50s making half of all trips.”