--BY NEWBIZ TEAM

Grey tourism is a specific niche market that caters towards older travellers. This group represents the largest, fastest growing, richest consumer market on the planet, accounting for half of earth’s consumer spending.

Grey tourism in MALAYSIA
• Malaysia My Second Home Programmeme is promoted by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long as possible on a multiple-entry social visit pass.The Social Visit Pass is initially for a period of ten (10) years, and is renewable.

• The "silver-hair" programmeme to encourage retirees aged 50 and above to reside in Malaysia has been replaced with the "Malaysia, My Second Home" programme.

• Under the new programme, foreign individuals with a monthly income of 7,000 ringgit (USD 1,842) and couples with a combined monthly income of 10,000 ringgit could stay in Malaysia for five years.

• Overseas income is free of tax and applicants can bring all their household effects and one car duty free into Malaysia. Alternatively, new visa holders may acquire a car in Malaysia free of any duty.

• Foreigners were also allowed to buy local residential properties costing at least 150,000 ringgit. Previously, they could only purchase properties costing more than 250,000 ringgit.

• The "silver-hair" programme had attracted only 795 foreigners to retire in Malaysia since it was launched in 1996. But the new scheme would woo more foreigners to stay for long periods in the country. So far it attracted 12,000 in MMSH programme.

Grey tourism in AUSTRALIA
• This group is expected to increase significantly from 3.3 million Australians in 2002 to 5.9 million by 2022 . Research suggests that 80% of the individuals within this group want to travel now or in the near future .

• Queensland is likely to benefit from this market segment because seniors take longer holidays, holiday in off-peak periods and travel in regional areas.

• Younger seniors are more likely to travel for pleasure while older seniors are more interested in visiting relatives and friends. Seniors who travel are likely to have increased life satisfaction, happy memories and socialising opportunities as well as a sense of accomplishment and achievement.

• Organisations can attract grey tourists by pricing goods and services correctly and providing useful facilities, information and positive experiences. Governments can encourage grey tourism by introducing policies, providing travel concessions and writing travel guides aimed at grey tourists. The Queensland Government has used all of these techniques.

Grey tourism in EUROPE
• A new political framework for tourism in Europe highlighted the challenges generated by the demographic trends in Europe and the need for the tourism sector to adapt quickly if it is to remain competitive.

• The Communication underlines that people aged 65 or over (hereafter: ‘65+’) have both purchasing power and leisure time.

• This group of tourists is expected to grow fast, spend relatively well and could bring visitors to destinations during the off season.

• According to Europop2010 population projections the growth in the number of persons aged 65 or over will be more than 60% by 2040 as compared with 2010.

• More than € 53 billion was spent on long holiday trips by tourists aged 65 or over (or 20% of the total spending of EU residents on such trips) — € 23.7 billion on domestic trips (45%) and € 29.5 billion on outbound trips (55%).