London, Feb 18 (ANI): A new UK survey has suggested that holidaymakers over the age of 50 now account for more than half the money spent on trips abroad.
The survey of 2000 adults found that more than a third of holidays are made by those over 50, and they spend 17.6 billion pounds a year on foreign trips, 67 per cent more than younger holidaymakers, reports the Telegraph.
This accounts for 883 pounds per person on every trip, compared to 528 pounds for the under 50s, and it is expected to nearly double over the next decade.
The figures, compiled on behalf of the insurance company LV, formerly known as Liverpool Victoria, are the latest evidence of the increasing purchasing power of the so-called Grey Pound.
However, by 2020 the over 50s are expected to start spending less on holidays, as the increasing age of first time parenthood and the lack of pension provisions in younger workers leaves them with less to spend on leisure.
The survey also found that the top destinations remain unchanged as Spain, France and Italy.
But less traditional countries, such as Poland, Bulgaria and Croatia, are gaining in popularity.
Selwyn Fernandes, managing director of LV travel insurance, said: "This research shows that the travel habits of the UK's older citizens hugely benefit the domestic and overseas tourism industries and by 2020 we can expect to see the over-50s making half of all trips." (ANI)