Tuesday, may 17, 2011

Travel firms can no longer rely on the cashed-up over 50s market to boost sales, a report by old-age specialist Saga has revealed.It warns that discretionary spending on items such as holidays is falling down the agenda for this once lucrative ‘grey’ market as the high cost of living, record petrol prices and tax increases take their toll.Saga surveyed 12,000 adults in the over 50s age group about how their lifestyle had changed over the last 12 months and 61% said they had been forced to cut back on non-essential spending.Cut backs included cancelling holidays, eating out less and buying fewer clothes.“Financial burdens for the over 50s have worsened with living costs soaring,” said Saga director general Dr Ros Altman.“we are witnessing a significant decline in discretionary spending. This has worrying implications for the whole economy.”another worrying trend, added Saga, is that the value of savings banked by the over 50s has also reduced due to historically low interest rates, leaving less spending money for treats such as holidays.