Tell Seniors to Get Out of Here

I realize that your surprise at what I’m about to tell you could easily lead to you replying, “Get out of here!” But it’s absolutely true, according to researchers at University of Queensland and University of Oxford: In the US, seniors account for fully 70% of all passengers on cruise ships and spend 74% more on travel and tourism than do those consumers between 18 and 49 years old. Senior tourism constitutes a prime opportunity for retailing profitability.
     So please change your meaning of “Get out of here” from signifying improbability to signifying an intention to urge seniors in your target markets to purchase travel and all the products and services which augment travel and tourism.
     Important to understand in doing this is that seniors, on the whole, have more disposable income, greater interest in using their money and time for experiences instead of material possessions, and more interest in physical activity than did seniors in the past. Considering that a substantial percentage of seniors are retired or semiretired, you’ve capabilities to fill off-season seats when marketing to this demographic due to scheduling flexibility. Because expected lifespan is increasing, your investments toward building repeat patronage are worthwhile.
     Research on senior tourism highlights the importance of appreciating the substantial heterogeneity in this market. With their longer life histories, a broader range of travel and tourism motivations are seen in seniors than in their younger counterparts. Still, there are marketing points likely to work across the segment. These include opportunities for social interaction, identity-building such as through nostalgia, and skill mastery.
     A “last chance to see” campaign can succeed because of seniors’ sensitivity to the limitations in years they have ahead of them. And although booking travel around the commitments of grandchildren can decrease scheduling flexibility, seniors are attracted to family experiences. Consumers often operate on the assumption that they'll have more time in the future, but not necessarily more money. This doesn't mean at all that the consumers are satisfied to be wasting time. On the contrary, they want to feel in control of their time. To sell family-oriented experiences, advertise the benefits for shared enjoyment. Also, sell all-inclusive packages. Use the ocean cruise business model. Grandparents will get irritated with you if you require them to say no too often to a grandchild’s requests for what turn out to be costly add-ons.

For your success: Retailer’s Edge: Boost Profits Using Shopper Psychology

Click below for more: 
Transfer Technology to Retailing Adjacencies
Retire Hopes for Unitary Retirement Marketing
Show Them What They’ll Never See Again
Offer Grandparent/Grandchild Experiences