The top priority of baby boomers is traveling the world, and they’re turning traditional ideas of retirement on its head as they do so.
That’s what Virtuoso Chairman and CEO Matthew Upchurch told CNBC viewers July 10, in an interview on Squawk Box focusing on baby boomer travel priorities.
Baby Boomer Travel Booming
“The number one desire of boomers to do in their retirement is travel by far,” stated Upchurch. “They have the money and the time, and they’re reinventing the way they retire.”
Boomers spend $150 billion a year on travel, taking an average of 3.7 trips a year. They rank travel as their top leisure activity. Adults over 50 account for 80% of travel spending.
“The Boomers were the first generation … that did not see travel as a luxury,” explained Upchurch. “They saw it as a part of their life. They saw it as a right.”
Taking a luxury cruise around the world is a popular baby boomer travel experience
Baby Boomer Travel Priority: Experiences
Baby boomer travel choices also reflect a new preference for spending money on experiences instead of goods. “What we’ve seen over the last 20 years is a huge shift in priorities from the accumulation of stuff to life experiences,” Upchurch said. “Quite frankly a lot of people are focusing on life experiences and travel as being one of the key if not the key conduit for that.”
The baby boom generation chooses travel experiences with a purpose, such as volunteering while abroad; those providing education or intellectual stimulation; and ones that are active.
