How the purchasing power of the ‘silver economy’ boosts Ireland’s cruise tourism
Estimates value the Port of Cork cruise business will reach €20m to the local economy in 2025. Picture: Larry Cummins
According to the United Nations, the global population of seniors aged 60 and over is expected to reach 1.4 billion by 2030, marking a 40% increase over a decade. Research by Oxford Economics indicates seniors will represent a significant portion of global consumption, with their purchasing power projected to total €15tr in 2030.
With this spending power heavily concentrated in the healthcare, technology and tourism sectors, the OECD reports that consumer spending among older individuals is growing faster than that among younger adults, driven by robust pensions and a tendency to focus their wealth on experiences such as travel, leisure, and well-being. The number of people in Ireland who are 65 years of age or over is set to double to 1.6 million in the next 35 years, according to the CSO. Approximately 21% of the EU population is over 65, this is estimated to increase to over 30% in the next 30 years.
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