CHART 8
|
15
While seniors have historically been a mainstay for
advisors, this segment will be slow to start traveling
again. On the other hand, we might see couples (that
today holds a lion’s share of 87%) and solos (at 44%)
pick up the pace as against other client types (see Chart
8) due to the social-distancing norms in place. While
the gap in the seniors’ market might be unnerving,
this forced pivot of investing in younger clients is a
silver lining worth noting.
Typically, advisors put off selling to the younger, less
predictable and slightly more demanding segment. The
current environment forces the issue and will build up
new markets for the future. Whether it is the millen-
nials, students, or young professionals, their urge to
get out and travel while taking adequate precautions
may make them an attractive candidate for the early
adopter segment that will set an example for others
to follow.
It will be interesting to see how consumer preferences
for everything from destinations to accommodations
to traveling companions will change going forward.
87%
80%
79%
73%
72%
67%
59%
57%
48%
44%
36%
25%
17%
15%
Couples
Seniors
Multi-generational family
Friends and family
Empty nesters
Luxury/affluent
Groups
Young professionals
Millennials
Solo travelers
Nuclear families
Corporate clients
Students
Incentive/ conference groups
CLIENT PROFILE (%)
ADVISOR DIFFERENTIATION