Britons over the age of 50 are expected to significantly increase their spending on cruising in the next five years, a study commissioned by Saga plc, the listed lifestyle company, has found.
"Research commissioned by Saga into the UK’s over 50s spending on travel and tourism, found that spending on cruising is expected to increase by 43% to £2.2 billion by 2020," the company said in a statement.
"This compares £1.65 billion in 2014 out of a total over 50s spend of £41 billion on travel and tourism. Nearly a third (32%) of over 50s in work said they were planning to increase their spending on cruises after retirement," Saga noted.
Last year, however, the British cruise market contracted by 5% to 1.65 million passengers despite a 3.2% growth rate of the country's gross domestic product (GDP).
The company, which offers a wide range of services from holidays to investment and insurance products to ver 50s, earlier today said it had placed an order for a 55,900 gross ton cruise ship with Meyer Werft in Germany, with delivery set for 2019. The contract includes an option for a second vessel that would be delivered two years later if confirmed.
