China's senior tourists could be a boon for travel companies

Silver tourism is on the rise as more retirees, particularly in affluent coastal cities, are traveling both domestically and internationally

Travel companies are betting that Chinese tourism will return to pre-pandemic levels by adjusting their offerings. They are focusing on strategies such as avoiding sharp price increases, incorporating nurses and healthcare professionals into their staff, and offering special discounts for senior travelers.

Key takeaways

• Over the next decade, nearly 300 million people between the ages of 50 and 60 - nearly the entire U.S. population - are expected to retire. The National Committee on Aging predicts that senior travel will account for 50% of domestic tourism by 2040;
• These retirees, who have benefited from four decades of remarkable economic growth, often have substantial savings. Notably, they are retiring relatively early, with women retiring at age 50 and men retiring at age 60;
• In response, both domestic and international travel companies, as well as local tourism authorities, are beginning to adapt their services to meet the unique needs of this growing demographic.

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