[Senior Trend] Fierce Competition in the U.S. Senior Industry③ Leisure and Travel

Eboram, CEO of Third Age

Leisure and travel give great meaning to our lives. George Bernard Shaw, a Nobel Prize-winning playwright, critic, and political activist, left a significant impact on Western theater, culture, and politics. He is especially famous for his humorous epitaphs. He also said, "Leisure is an indispensable necessity in our lives. The most valuable things in this world were accomplished during leisure." Leisure refers to the time when we can rest and enjoy ourselves, free from work or obligations. Through consistent hobbies, one can gain vitality, accumulate new experiences, and pursue self-development. American seniors are known to seek enjoyment after retirement. They actively use the assets they have accumulated to enjoy free time and hobbies. Financial expert Wayne Moss surveyed about 1,400 retirees on the "conditions for a happy retirement life." He reported, "Happy retirees enjoy about 3 to 4 hobbies." Thus, leisure is important for a vibrant senior life, and the types of activities are diverse.

Activities that directly help with health management, such as walking, hiking, and trekking, are basic. These are popular as they provide exercise in nature and a change of mood. Gardening is also an essential outdoor activity. Since houses rather than apartments are predominant, most homes have yards. From lawn care to growing flowers or trees, fertilizers, gardening tools, and books are easily found at marts. Yoga and Tai Chi are also active, especially in senior centers and Asian immigrant communities. Meanwhile, seniors engage in artistic activities like painting, pottery, knitting, and woodworking, as well as social leisure activities such as line dancing or book clubs where people with similar interests interact. San Diego, which was once ranked the number one city Americans want to live in after retirement, is known as a paradise for golf, surfing, and horseback riding due to its warm winters and cool summers.

As novelist Takashi Ayumu said, "The place where you realize what is precious is always under the blue sky, not in front of a computer," among these, American seniors especially love traveling. After the pandemic, Americans aged 50 and over reportedly plan to travel about four times a year on average. Also, the largest U.S. retirement association, AARP, stated in its "2023 Travel Trends" that Americans in their 60s are the biggest consumers in the travel market. According to the data analysis media pymnts, baby boomers and seniors spent more than 36% more on summer vacation travel than Generation Z youth. On average, those aged 18 to 49 plan to spend $5,000 annually on travel, while seniors aged 50 and over plan $7,300. To reduce budget burdens, seniors actively join memberships or seek discount benefits, making them "big spenders" in the travel industry. They add that it is because they can explore new destinations, experience diverse cultures, and create unforgettable memories.

The representative example of "educational travel" is "Road Scholar." It was founded as a nonprofit by friends returning from a European trip in 1975. It started to provide learning opportunities combined with travel for seniors aged 50 and over after retirement. Originally named "Elder Hostel," it changed its name in 2010. The program, which began with 220 participants, now has over 100,000 annually. Programs range from one hour to over a month, with more than 5,000 programs in 150 countries worldwide. Depending on physical health, options range from light walking trips to more intense activities like trekking in the Arizona desert. There are also recommended programs suitable for seniors who have experienced divorce or bereavement and participate alone. From museum tours with guides and migratory bird watching to trans-Alaska train rides and Antarctic expeditions, the whole world becomes one school. Intellectual curiosity, lifelong education, and travel coexist for the senior generation. It satisfies both their intellectual curiosity and enjoyment.

Additionally, American seniors travel to places like Italy, France, and Spain, living like locals for one to two months while learning foreign languages, ancient history, wine, or cheese. They participate in long-term cooking classes in Southeast Asia or try unique activities like paddleboarding. Some take cruise trips from Miami to the Mediterranean or the Caribbean. They do not only travel abroad. The American baby boomer generation sparked a craze for auto camping after retirement, and intergenerational travel programs with grandchildren have emerged. They also stay in golf villages mainly in the mild California region year-round. They enjoy fly fishing, as featured in the movie "A River Runs Through It." Meanwhile, as physical limitations increase with age, "smart travel" has emerged. The VR company Rendever uses advanced technology to provide seniors in care facilities with experiences such as revisiting their honeymoon destinations or traveling to distant places with family or friends through VR devices.

With longevity extending the third act of life, leisure time has increased. This is a useful reference for seniors contemplating how to spend their time.

Lee Boram, CEO of Third Age

This content was produced with the assistance of AI translation services.