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Baby boomer market set to grow

The Baby Boomer segment of the
travel market, in terms of expenditure, will continue to grow over the
coming decades, while Generation X is fast becoming a driving force.The smaller Generation Y tends to stay at home, having become “slaves
to the screen”.

Delegates to the 55th Pacific Asia Travel Association (PATA) Annual
Conference learned this during the April 25 plenary session on “Baby
Boomers and the Challenge of Generations X & Y”, moderated by Editor
of PATA Premier Partner magazine TIME International.

Asian Demographics CEO & Director Dr Clint Laurent said Asia is not a
“young market”, as many may think. For example, China (PRC)‘s
one-child policy has created a numeric imbalance between older and
younger generations in the same way that the Baby Boomers generation
has in Japan.

Dr Laurent said the region holds multiple segments based on age and
affluence, and he grouped countries with similar demographics:

- Japan has the largest and most affluent Baby Boomer market
- The over-40 segment in Hong Kong, Chinese Taipei and Korea (ROK) is
climbing the fastest
- 1% of China’s 200 million Baby Boomers have a “reasonable sum of
money and time”
- India has the youngest market.


Japan Travel Bureau Foundation Managing Director-Marketing Mr
Hidetoshi Kobayashi presented statistics for the Japanese market that
show Baby Boomers and Generation X driving the country’s outbound

Mr Kobayashi said Generation Y is less eager to travel, preferring to
purchase goods. Travel must compete with home entertainment and the
Internet for the attention of Generation Y, he said.

High-yield Australian and New Zealand Baby Boomers spend AU$200-AU$300
per person, per day, according to Roy Morgan Research International
Director-Travel, Tourism & Leisure Ms Jane Ianniello.

Though they mostly travel to English-speaking countries, Ms Ianniello
said that conversion rates for Asia Pacific destinations are very
high, because they are close.

DERTOUR Director-Africa/Middle East/Asia Pacific Ms Petra Fraatz said
that German Baby Boomer travellers to the Asia Pacific require
flexibility, as they prefer to create their own holiday packages. She
said generations X and Y are more difficult to predict.

Ms Fraatz said that population development over the next 30 years
shows a growing Baby Boomer market, while the younger market is
continuously shrinking.