[Publication] Role of the longevity economy in the tourism sector - Research4Committees

[Publication] Role of the longevity economy in the tourism sector - Research4Committees

Executive summary

Key findings

• With significant growth in the EU’s older adult population expected, tourism must adapt to harness the potential of the longevity economy.
• By 2040, tourism spending by those aged 55+ is projected to nearly double, reaching 5 billion EUR – a 111% increase since 2019.
• Six intertwined categories of silver tourism that encompass most applications of tourism among older adults are identified and analysed in detail, along with their challenges: wellness tourism, accessible and medical tourism, and international retirement migration (IRM), multi-generational, smart tourism.
• Wellness, accessible, and medical tourism should address the diverse needs of older adults, bridging financial gaps and overcoming healthcare and tourism sector divides, without reinforcing ageism.
• International retirement migration (IRM), multi-generational, and smart tourism face challenges related to social integration, balancing family needs, and avoiding an overemphasis on technology at the expense of holistic integration.
• Silver tourism offers a unique opportunity to reduce seasonality, alleviate healthcare demands, and drive economic growth
• Silver tourism combats isolation, fosters well-being, and improves life satisfaction. Environmental impacts, such as resource depletion and habitat degradation, can be mitigated through sustainable practices.
• The EU should develop a roadmap for silver tourism and strengthen current tourism initiatives. The roadmap should focus on priority areas, such as sustainable tourism practices, accessibility, and multi-generational travel, aligning efforts across Member States.
• Enhanced scenario planning and foresight in the EU silver tourism sector are essential to boost resilience and address unexpected crises (e.g., COVID-19, climate change, natural disasters). This can be achieved through the Competence Centre on Foresight and by expanding programs like Crisis Management and Governance in Tourism.
• Cooperation among silver tourism stakeholders and expanded research are crucial to addressing ongoing challenges effectively. (...)