Silver tourism and trips bringing several generations together could support healthy aging and family ties while creating substantial opportunities for the travel industry
An aging population is changing not only healthcare and retirement planning but also the way families travel. A new report from the Global Coalition on Aging (GCOA) and the nonprofit Transamerica Institute examines the rise of silver tourism among people aged 55 and over and the growing importance of multigenerational trips.
The report, “Travel for Healthy Longevity: Health and Economic Benefits of Multigenerational Travel,” brings together academic studies and other third-party research on the health, social and economic effects of travel. Its authors argue that the combination of longer lives, substantial wealth among older generations and a growing preference for shared experiences is creating opportunities for destinations and tourism companies.
Longer lives are reshaping travel demand
The growth of silver tourism reflects a broader demographic shift. Older consumers are remaining active for longer, while travel increasingly becomes a way for families to spend time together across generations.
“The rise of silver tourism and multigenerational travel is a reflection of how longevity is reshaping family life, consumer behavior, and ultimately, the global economy,” said Michael Hodin, CEO of GCOA. “Governments and businesses that recognize this opportunity and design for it will be the ones that thrive in our 21st century aging world.”
According to the research compiled in the report, tourism experiences have been associated with a 59 percent lower relative risk of dementia, while travel has also been linked with increased social connectedness.
The potential benefits differ between generations. Older travelers may gain cognitive stimulation, while middle-aged adults can experience reduced stress. For younger people, travelling with family members could provide opportunities for social interaction at a time when isolation is a particular concern among Americans aged 20 to 29.
Baby Boomers control around $85 trillion in US wealth
The economic dimension is considerable. According to the report, Baby Boomers control approximately $85 trillion in US wealth. Rather than viewing their legacy exclusively in terms of assets passed on to their descendants, some are choosing to spend part of that wealth on experiences shared with children and grandchildren.
Travel therefore increasingly forms part of what the report describes as legacy planning, with family memories becoming another way of transferring value between generations.
The broader US travel economy illustrates the scale of the market. American travelers generated $2.9 trillion in economic output from $1.3 trillion in direct spending in 2024.
Multigenerational travel is already widespread. According to figures cited in the report, 57 percent of families say they have taken such a trip in recent years or are planning one.
Opportunities for destinations and tourism companies
The trend creates opportunities across different parts of the tourism industry. Accommodations, destinations, tour operators and other providers can adapt products to groups whose members may differ considerably in age, mobility, interests and spending priorities.
Successful multigenerational products must therefore offer more than simply enough beds for a larger family. Accessibility, flexible activities, opportunities to spend time together and options allowing different generations to pursue their own interests can become important elements of the travel experience.
The report calls on industry leaders, governments and employers to recognize the economic and social potential of this growing market.
Affordability remains a barrier
Growth is not guaranteed, however. The report identifies affordability as one of the principal obstacles to wider participation in multigenerational travel. With housing, food and healthcare absorbing a substantial share of household budgets, many families have limited discretionary income available for leisure travel.
Catherine Collinson, CEO and President of Transamerica Institute, argues that the benefits of travel should therefore be considered in a broader context.
“Travel is a personal investment in one's health, well-being, family connection and quality of life—and it can pay dividends across generations,” Collinson said.
Realizing the market's full potential, she added, will require coordinated action from the travel industry, policymakers and employers to make these experiences accessible to people across different income levels and budgets.
Image Credit: © AI generated illustration
