Why retirees are the future of China’s outbound tourism market
Over-65s make up a fast-growing segment of China’s vast outbound travel market – and they tend to be big spenders
Chinese retiree John Wang, 74, has travelled abroad to five countries, and took a particular shine to the United Kingdom. He liked the public parks dotting the centres of British cities – and even praised the country’s public transport network.
“The environment was good and living was convenient,” said the Beijing resident, who relies on his English-speaking relatives to communicate when overseas. “The green spaces are big, and there are places like supermarkets where you can freely take a rest.”
Retirees like Wang represent a huge opportunity for global travel companies, as millions of well-off Chinese baby boomers hit retirement age and start jetting off around the world in search of new cultural experiences.
We had a planned economy when I was young, so my spending power is definitely stronger now. Today’s lifestyle and that of the past are totally different
“The silver group is a new blue-sky segment that the outbound tourism market should focus on,” business consultancy Dragon Trail International said in January, after completing a market survey that found elderly travellers represent a “vast untapped market”.
Last year, outbound bookings by older travellers soared by some 50 per cent year on year, according to Chinese travel platform Fliggy. The most popular offshore destinations among retirees were Hong Kong, Macau and Southeast Asia.