Holidays after 50 – how much are our dream vacations?
Part of the Life Well Spent Report 2024
Can people over 50 afford to go on holiday as often as they’d like? And where would they go if money was no object?
How often do over 50s go on holiday?
It’s no surprise that those of us over 50 love a good holiday – in fact, it was the sixth highest mention in our top three things that makes you happy.
Like last year, almost 9 in 10 (86%) people over 50 take at least one holiday abroad or in the UK every year – almost exactly the same as in 2023 and 2022. And once again, they go on one international break and two staycations on average.
When it comes to the happiest over 50s, they go on holidays abroad and in the UK more than those who say they’re less happy – 90%, compared to an average of 71% for the less happy.
And 14% of over 50s don’t go on holiday at all (+1% since 2023), although this drops to 10% for the happiest over 50s.
How much do over 50s spend on holidays?
Holidays abroad
On average, people over 50 spend £2,573 on holidays abroad – that’s £162 more than in 2023, and almost exactly the same as in 2022.
But the happiest over 50s spend £2,943 – £134 more than last year. And retirees are spending more than people who’ve yet to retire, at £2,673 versus £2,512.
There is some regional variation in the amount spent on holidays, with the Welsh topping the list with an average spend of £2,944. But just across the border, the South West of England spend the least on holidays abroad, an average of £2,083.
Holidays in the UK
When it comes to holidays in the UK, over 50s are spending more than last year. A staycation sets them back £808 on average (+£76 since 2023), and £812 for the happiest (+£6).
What do over 50s look for in a holiday...
The data is as follows:
...in the UK?
- Value for money. 68%.
- Rest and relaxation. 66%.
- Historic/cultural attractions. 44%.
- Woodland and nature. 44%.
- Walking and hiking. 38%.
...abroad?
- Rest and relaxation. 74%.
- Sunshine. 72%.
- Value for money. 64%.
- Beaches and pools. 52%.
- Experience of a different culture. 52%.
Rest and relaxation is what people over 50 are looking for most in a holiday abroad (74% – the same as in 2023).
Sunshine is more important than ever for destination holidays, with 72% of people saying it’s one of the most important things when on a trip abroad (+3% since 2023).
Like last year, women are slightly more likely to be looking for sun, with 76% naming it as a factor compared to 67% of men. Whereas men are more likely to look for walking and hiking than women, at 28% versus 23%.
And value for money is what matters most for staycations, with 68% of over 50s (+4%) saying it’s something they look for most in a UK holiday.
There are some notable regional differences in what people look for most in a holiday abroad. 80% in Scotland and the North West list rest and relaxation as their top priority for holidays abroad, compared to 65% of Londoners.
60% of over 50s in Scotland prioritise authentic food and drink, compared just 38% of East Midlanders.
And those in Northern Ireland are twice as likely to look for exciting activities on a staycation, like theme parks or paragliding (14%, versus an average of 7% across all other regions).
Dream holiday destinations
The top three dream holiday destinations for people over 50 haven’t changed since last year (or since 2022). Here are the 10 places they’d most like to escape to…
The data is as follows:
- USA
- Australia
- Maldives
- England
- Italy
- Japan
- New Zealand
- Canada
- Scotland
- Spain
Most aren't sure they'll ever be able to afford their dream holiday
Over 50s expect their dream holiday to cost £7,101 on average – down just £64 since 2023. While 31% plan to take their bucket list trip one day, 25% are hopeful but not confident they'll be able to afford it. Sadly, a third are not so optimistic, saying they don't think they'll ever be able to afford to go.
For some, equity release could be a way to release tax-free cash from their home’s value, making their dream holiday possible – find out how at our dedicated equity release hub.
This article forms part of our Life Well Spent report, which looks at the relationship between happiness and big purchases in later life. You can read the other sections of the report below or download the full report (PDF).