Spending among over-65s on airline tickets, holiday accommodation and cruises has surged as high interest rates boost older Australians’ incomes, allowing retirees to splurge while younger age cohorts cut back.AFR Weekendover the 12 months to April by more than younger age groups across all discretionary categories.
Spending on accommodation jumped by 13 per cent, while purchases of airline tickets surged by 70 per cent, and cruise bookings skyrocketed 200 per cent, albeit off a low base. “Even to experience positive growth in travel means young people have to nip and tuck in other areas,” he said.“This increased spending power comes from the higher savings balances and lower debt levels of over 65s,Older people are more likely to own their property without a mortgage and benefit from higher interest rates.“The older generation already made up the biggest spenders across all those categories. And now we’re also seeing them increasing their spending in those categories as well.
Source: Loan Digest (loandigest.net)
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