by: Scaves Enterprises Trust • 0
Lorenzo was inspired by a report into the changing travel and buying habits of people, particularly in light of the enormous economic potential of the baby boomer generation.
Few people in the tourism industry have any real appreciation of the power of this market sector, yet it will completely alter the business models of many organisations, both directly and indirectly. The report stated in part:
For the first time Inclusive Tourism is being regarded as an economic market driven by the retirement of the
baby boomer sector. Inclusive Tourism is already a major tourism sector with Australian research putting
its value at 11% of the total industry market share. US research by McKinsey & Company predicts that
by 2015, the baby boomer generation will command almost 60 percent of net U.S. wealth and 40 percent
of spending. In many categories, like travel, boomers will represent over 50 percent of consumption.
The impact on the Inclusive Travel sector is significant as over 40% of them will be retiring with some form
of disability, raising the total value of the Inclusive Tourism sector to over 25% of the market by 2020.
But our readers aren’t locked into one generation to the exclusion of all others. Far from it. Our stories and images are edgy, occasionally confronting and always entertaining. From what we understand, it will be the first magazine of its kind in the world to actively embrace inclusion.
Consequently every article either talks about disability and inclusion or references it in some way. The balancing act is to present a quality magazine for the widest possible audience while promoting the idea that no one should be excluded fromliving life to the fullest on their terms.
But don’t take our word for it. A report by IBISWorld (September 2012) forecast a surge in tourism spending in Australia to $71.3 billion by next year, a rise of $4 billion in the 12-month period, on the back of increased local travel and a continuation of a boom in tourism from China. The report found the ageing demographic is behind a surge in domestic travel.