Silver Tourism Market Size, Share & Trends Analysis Report By Type, By Gender (Male, Female), By Age Group, By Category (Solo, Group), By Destination, By Booking Mode, By Region, And Segment Forecasts, 2024 - 2030

Silver Tourism Market Size & Trends

The global silver tourism market size was estimated at USD 1,779.75 billion in 2023 and is projected to grow at a CAGR of 14.4% from 2024 to 2030. The rise of wellness and health tourism contributes to the expansion of the global market, also referred to as grey tourism. Older travelers often prioritize health and well-being, seeking destinations that offer spa treatments, wellness retreats, and fitness activities. The focus on health and relaxation during travel aligns with the preferences of senior travelers who view vacations as opportunities to rejuvenate and maintain their well-being.

The rise of slow tourism is also contributing to the market growth. Slow tourism emphasizes taking time to fully experience and enjoy a destination rather than rushing through a packed itinerary. Seniors often have the time to engage in extended stays, allowing them to explore destinations at their own pace, interact with locals, and participate in cultural activities. Slow tourism aligns with the many older travelers who want to experience authenticity during their travels, making it a growing trend within the market.

The influence of peer networks and social communities also plays a crucial role in driving the market growth. The growth of online communities, social media platforms, and travel forums has made it easier for older adults to share their experiences, reviews, and recommendations with their peers. This word-of-mouth marketing, amplified by digital platforms, strongly impacts travel decisions, encouraging more seniors to explore new destinations or try different travel experiences. As a result, travel companies are increasingly targeting these networks and communities to reach the senior market.

Moreover, nostalgia and heritage travel drive market growth. Many seniors are interested in revisiting places that hold personal significance. It involves returning to where they once lived, visiting their birthplace, or exploring historical sites that resonate with their personal or cultural history. Travel agencies and tour operators increasingly offer heritage tours and genealogical research services that cater to this interest. The emotional value of these trips is a strong motivator for older adults, driving demand in this market segment.

Market Concentration & Characteristics

The industry growth stage is high, and the pace is accelerating, owing to the growth of heritage and genealogy tourism. This type of tourism often involves exploring historical archives and connecting with distant relatives. Travel companies have recognized this trend and offer specialized tours and services that assist older adults, including guided visits to historical sites. The personal significance of heritage travel further drives the market growth.

The industry is fragmented, featuring several global and regional players. The players are entering into partnerships, mergers, and acquisitions as the market is characterized by innovation, disruption, and rapid change.

The concentration of end-users in silver tourism is also evident in the rise of specific travel modes preferred by older adults. For instance, cruising has become a particularly popular option among seniors, with many cruise passengers falling into the 55+ age bracket. In the U.S., cruises were especially popular among silver-age American tourists in 2021, according to Population and Economics. Older adults adopt this mode of travel as it offers a comfortable, all-inclusive experience with minimal physical exertion, allowing travelers to visit multiple destinations without needing frequent packing or long travel days.

Type Insights

Based on type, the beach tours segment led the market with the largest revenue share of 23.5% in 2023 and is expected to continue to dominate the industry over the forecast period. For many seniors, beach vacations offer a combination of natural therapy and relaxation. The benefits of spending time by the sea, such as fresh air and gentle exercise through walking on the beach, positively impact mental and physical well-being. Many older adults opt for beach tours for their potential to rejuvenate the body and mind. According to the 2021 Silver Travel Industry Report, 67% of senior travelers chose beach tours as their preferred holiday option, indicating a strong preference for coastal destinations among the older demographic. In addition, coastal areas often feature wellness facilities, such as spas, yoga retreats, and fitness centers that cater specifically to the health needs of older travelers. The availability of these amenities enhances the demand for beach destinations for the global market.

The adventure tours segment is expected to witness at the fastest CAGR during the forecast period. Adventure tours designed for smaller groups or solo travelers offer a more customized experience, allowing participants to explore new destinations at their own pace. Travel companies are increasingly offering solo-friendly adventure packages and small-group tours that cater to the preferences of older adults, enhancing the demand for adventure tourism in this segment.

Age Group Insights

Based on age group, the 60 - 70 years segment accounted for the largest revenue share in 2023. The increasing popularity of multi-destination and combination travel experiences drives the segment growth. Older travelers in this age group often seek to explore multiple destinations within a single trip, combining different experiences such as cultural visits, scenic cruises, and leisure stays. Multi-destination travel allows them to maximize their travel time and experience diverse activities. Travel providers offer curated multi-destination itineraries that include a mix of cultural, historical, and recreational activities to meet the demands of older travelers.

The above 70 years segment is expected to witness at a significant CAGR during the forecast period. Preventive healthcare and wellness-focused travel options drive the above 70 years segment. Many older travelers are proactive about maintaining their health and are interested in travel experiences that support this goal. This includes destinations with access to health and wellness facilities, such as fitness centers, yoga classes, and medical check-ups. Older travelers opt for wellness retreats that offer holistic treatments, nutritional guidance, and health-focused activities.

Gender Insights

Based on gender, the female segment led the market with the largest revenue share in 2023. The growth of women-centric travel groups and organizations is driving the female segment. Many older women join travel groups or clubs designed for female travelers, seeking shared experiences with other women. These groups often organize trips on women’s interests, such as art tours, culinary experiences, and social gatherings. The sense of community and the opportunity to connect with like-minded individuals enhance the demand for these travel options, contributing to the growth of women-centric travel experiences within the market. According to Road Scholar, adults over 50 who travel with them each year found that nearly 70% of their travelers are women. This indicates that women represent a dominant segment in this demographic, highlighting a growing trend of female participation in travel experiences tailored to older adults.

The increasing prevalence of experiential travel drives the market. Instead of traditional sightseeing tours, many older men opt for trips that allow them to experience local cultures, participate in hands-on activities, and gain a more authentic understanding of their destinations. This shift toward experiential travel prompts tour operators to offer more experiences, such as cultural festivals and adventure tours, which enhance older male travelers' experience, thus driving the market growth.

Category Insights

Based on category, the solo segment accounted for the largest revenue share in 2023. The increasing availability of solo-friendly travel options and services drives market growth. Travel companies and operators have recognized the growing market for solo travelers and are developing products and services designed to meet their needs. This includes offering guided tours catering to solo travelers, creating social events and networking opportunities, and providing accommodations designed with solo guests in mind. The availability of these tailored services enhances the demand for solo travel by addressing common concerns such as safety, social interaction, and logistical support. According to a pulse study by JourneyWoman in 2022, solo women travelers aged 55 drove 77% of all bookings in 2022.

The group segment is expected to witness at the fastest CAGR during the forecast period. The trend towards themed and specialized group tours drives the segment growth. Travel companies are increasingly offering niche group tours that cater to specific interests and demographics, such as wellness retreats, adventure travel, culinary tours, or religious pilgrimages. The availability of such tailored experiences drives the demand for group travel, as it allows seniors to engage in activities and the benefits of traveling with a group.

Destination Insights

Based on destination, the domestic segment led the market with the largest revenue share in 2023. The proximity to home is another important factor driving the domestic segment of the market. Traveling within one’s country often means shorter travel times and easier destination access. Taking shorter trips, such as weekend getaways or regional excursions, allows seniors to travel more frequently and with less stress. This convenience is a key driver for those who want to explore their own country without the demands of extended travel. According to a 2024 survey conducted by AARP, nearly 65% of Americans aged 50 and older plan to travel during the year. Of these travelers, approximately 63% intend to travel within the U.S., while around 37% are expected to take at least one international trip.

The international segment is expected to witness at the fastest CAGR during the forecast period. The increasing focus on luxury and comfort in international travel offerings drives the segment's growth. As the market grows, many travel companies and destinations are tailoring their services to cater to the specific needs of affluent older adults. This includes luxury cruises, five-star accommodations, and exclusive, personalized experiences for seniors willing to spend more for comfort and high-quality service. This focus on luxury and comfort helps drive the international segment, as it meets the expectations of a demographic that provides ease in their travel experiences.

Booking Mode Insights

Based on booking mode, the travel agency/agents segment led the market with the largest revenue share of 66.1% in 2023. Travel agencies and agents often have access to exclusive deals, discounts, and group travel opportunities that drive the adoption of travel agencies/agents in the global market. Many older adults seek value in their travel experiences, and agents can offer competitive pricing through partnerships with hotels, airlines, and tour operators. Group travel options, in particular, are prevalent among seniors as they allow socializing with peers while traveling. Travel agents organize group trips specifically tailored to the interests of older adults, such as cultural tours, cruises, or heritage travel, further driving the market growth. According to the Population and Economics Journal, about 30% of respondents prefer to use the internet when selecting and purchasing travel services in 2022, while another 32% opt to use both the internet and travel agencies, depending on the situation. The remaining 38% prefer booking travel services exclusively through travel agents.

The direct booking segment is expected to witness at the fastest CAGR during the forecast period. The trend towards more independent and adventurous travel among seniors drives the preference for direct booking. Many older adults seek more individualized travel experiences than group tours or pre-packaged itineraries. Direct booking allows them to craft unique travel plans, selecting destinations, activities, and accommodations that align with their interests. Direct booking platforms empower them to create personalized travel experiences without relying on standardized packages offered by travel agents.

Regional Insights

The silver tourism market in North America is expected to grow at a significant CAGR over the forecast period. The rise of personalized and niche travel experiences is a key driver in the North America market. Older travelers increasingly seek customized travel experiences that cater to their interests and preferences, such as wellness retreats, culinary tours, and adventure travel. The demand for tailored travel experiences has led to the development of specialized tours and packages designed to meet the unique needs of senior travelers. The growth of personalized and niche travel experiences reflects a broader trend towards customizing travel to meet the diverse needs of the older population in North America.

U.S. Silver Tourism Market Trends

The silver tourism market in the U.S. accounted for the largest market share of 17.8% in North America in 2023. The rise of wellness tourism is an important driver in the U.S. silver tourism market. Many older adults prioritize their health and well-being and seek travel experiences that offer relaxation, rejuvenation, and wellness. The U.S. has many wellness destinations, including spas, health retreats, and resorts focusing on physical and mental well-being. These destinations provide activities such as yoga, meditation, and treatments that cater to the health-conscious senior traveler. The increasing interest in wellness tourism among older adults is contributing to the market growth.

Asia Pacific Silver Tourism Market Trends

Asia Pacific dominated the silver tourism market with the largest revenue share of 31.6% in 2023 and is projected to grow at the fastest CAGR over the forecast period. The growing aging population in the region drives market growth. Countries such as India, China, and Japan are witnessing a significant increase in older adults owing to rising life expectancy and declining birth rates. This demographic shift creates a large and growing market of senior travelers with the time, resources, and preference to explore new destinations. As more seniors in the region reach retirement age, they increasingly seek to travel domestically and internationally, fueling demand for tourism products and services tailored to their needs.

The silver tourism market in China accounted for the largest market share in Europe in 2023. The growing emphasis on cultural and heritage tourism among older Chinese adults drives the silver tourism market. Many seniors visit historical sites and explore regions with personal or historical significance. The tourism industry has responded by offering specialized tours focusing on cultural exploration, including visits to UNESCO World Heritage Sites, traditional villages, and museums. The growing demand for cultural experiences is a key factor driving the market growth.

The South Korea silver tourism market is anticipated to grow at the fastest CAGR during the forecast period. The influence of digital literacy among South Korean seniors drives the market growth. Older adults have become comfortable using the internet and mobile devices. This allows seniors to independently research destinations, compare prices, and access various travel options. The convenience and autonomy of online travel platforms enable seniors to plan their travel, leading to a rise in independent travel among this demographic. The growing digital literacy among older adults is a significant driver of the market growth, as it expands their access to travel opportunities and enhances their ability to customize their trips.

Europe Silver Tourism Market Trends

The silver tourism market in Europe is anticipated to grow at the fastest CAGR during the forecast period. The high level of disposable income among Europe’s senior population drives market growth. Their financial stability allows them to allocate more resources to leisure activities, including travel. European seniors are often willing to spend on premium travel experiences, such as luxury cruises, boutique hotels, and gourmet dining. The willingness to invest in high-quality travel experiences drives demand for upscale and customized travel options within the market.

The Germany silver tourism market accounted for the largest market share in Europe in 2023. The rise in demand for educational tourism among seniors is driving the diversification of the market in Germany. Many older adults in Germany prefer to expand their knowledge well into retirement. Universities, cultural institutions, and specialized tour operators are increasingly offering programs designed for seniors, such as history-focused tours and workshops in the arts and sciences. These educational travel opportunities cater to the intellectual engagement of older adults and provide them with a sense of purpose and fulfillment during their travels.

The silver tourism market in Spain is anticipated to grow at the fastest CAGR during the forecast period. Spain's well-developed tourism infrastructure is driving the market growth. The country has a comprehensive network of transportation options, including a wide range of international airports, an extensive high-speed rail system, and a well-maintained road network, all of which make travel within the country convenient and accessible for older adults. In addition, Spain has made significant strides in improving accessibility for seniors and those with mobility challenges, including accessible accommodations, tourist sites, and public transportation. This focus on accessibility ensures that older travelers can explore Spain's attractions comfortably and without barriers.

Key Silver Tourism Company Insights

Some of the key players operating in the global market include Intrepid Travel, Thomas Cook India Group, Flight Centre Travel Group Limited

Recent Development

• Intrepid Travel, a global travel company, has made significant inroads into the silver tourism market by offering tailored travel experiences that cater to older adults. These offerings include slower-paced tours that allow for a more relaxed travel experience and itineraries designed to be easily accessible to those with varying levels of mobility. Intrepid Travel’s emphasis on small group sizes ensures a more personalized and intimate travel experience, often preferred by older travelers seeking a sense of community.

• Thomas Cook India Group offers silver tourism catering to senior citizens' travel needs and preferences. This segment offers tailored packages that prioritize comfort, convenience, and safety. The company provides various services, including customized itineraries, special accommodations, and guided tours to ensure a safe travel experience. Their offerings include leisure trips to popular destinations, wellness retreats, and cultural excursions that allow seniors to explore new places.

• Flight Centre Travel Group Limited is a global travel agency with a diverse portfolio that includes retail travel, corporate travel management, and wholesale travel services. The company operates under various brands, including Flight Centre, StudentUniverse, and Travel Associates, catering to different customer needs. The company provides specialized services and tailored travel packages that address older adults' unique preferences and requirements. These offerings often include leisurely and culturally enriching tours, comfortable accommodations, and itineraries designed to accommodate varying levels of mobility and health needs.

Silver Tourism Market Report Scope

Global Silver Tourism Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global silver tourism market research report based on the type, gender, age group, category, destination, booking mode, and region:

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Beach Tours

  • Cruise Tours

  • Historic and Cultural Tours

  • Adventure Tours

  • Wellness Retreats

  • Nature and Wildlife Tours

  • Others

• Gender Outlook (Revenue, USD Billion, 2018 - 2030)

  • Male

  • Female

• Age Group Outlook (Revenue, USD Billion, 2018 - 2030)

  • 50 - 60 Years

  • 60 - 70 Years

  • Above 70 Years

• Category Outlook (Revenue, USD Billion, 2018 - 2030)

  • Solo

  • Group

• Destination Outlook (Revenue, USD Billion, 2018 - 2030)

  • Domestic

  • International

• Booking Mode Outlook (Revenue, USD Billion, 2018 - 2030)

  • Travel Agency/Agents

    • Online

    • On the Phone

    • By Email

    • Visiting in Person

  • Direct Booking

    • Online

    • On the Phone

    • By Email

    • Visiting in Person

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

    • France

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • South Korea

  • Central and South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa