A poll taken by USA Today just a few years ago asked a segment of the American people what they would do if they won the lottery. Many thought the number one answer would be, “Quit my job.” Actually, that was the #2 answer. The #1 answer: “Travel.”
The travel industry is the largest industry in the world. It’s larger than food and oil combined. Over 43% of all online spending is travel according to CNN money. It is a 7 trillion dollar industry (with a “T”) projected to double over the next 8 – 10 years…primarily due to the aging Baby Boomers. They are driving a massive expansion of the travel industry. Just like they did with baby food, diapers, mini vans, etc.
A few facts that stand out about the baby boomers are:
- They control two out of every three dollars in this country.
- They are the wealthiest generation to ever be on the planet.
- Historically, they have dramatically impacted every industry they ever met as a demographic.
- They are now beginning to retire.
- 10,800 boomers a day turn 60…that is one every 8 seconds…for the next 20 years!
- They have more time and money than any generation has ever had.
When both time and money are available, most people like to travel. The travel industry is going to do nothing but continue to explode. Consider 2008. It wasn’t exactly a banner year for the economy. Yet travel still went up by one Trillion dollars! It has become overly evident that people will sacrifice other things in life as opposed to the one trip they take each year.