Mr. Neale Redington

Due to dramatic demographic changes around the globe and the aging of the baby boomer market, by 2008, companies in a range of sectors – including real estate and hotel and lodging businesses – will have to focus with ever greater savvy on serving the needs of a very different type of consumer: one that is age 50+ or older with shifting biological, psychological, social, and economic characteristics, needs, and expectations. 

No doubt, consumers are living longer due to improvements in health care and nutrition. Age 50+ consumers are a growing economic force that has already begun to transform multiple industries unlike any prior demographic shift in recent history. From travel to financial services, from healthcare to retail, and from entertainment to electronics, aging consumers are beginning to demand products and services tailored to their specific needs. Yet most companies continue to design for and advertise to the young. To capture value from the age 50+ market, hotel executives will have to master new skills and lead the transformation of products and strategy to adapt to a changing marketplace.  

Hotel executives and those in the travel and service industry that start now to assess, adjust, and update their product offerings to best serve the age 50+ market will be far more likely to grow their consumer base and to reap great rewards. Those that ignore this massive demographic shift and its global impact are likely to miss a significant opportunity. 

My article featured in this week's Hotel Business Review, “Is the Hotel & Travel Industry Ready to Serve Age 50+ Consumers?”, addresses these demographic changes and the challenges and opportunities it creates for hotel executives in the industry. 

Sincerely, 

Neale Redington

National Partner Hospitality

Deloitte & Touche LLP

nredington@deloitte.com