Families might be struggling to plan and pay for vacations but that isn't stopping many of them from taking a trip.
New research from GlobalData indicates that family travel is going through a growth spurt. The company's Key Trends in Family Travel report showed that the market will grow at a compound annual growth rate of 4.6 percent from 300 million trips in 2017 to 376 million in 2022.
"As disposable income grows and emerging markets open their borders, we will see trends like multigenerational travel drive trips forward, particularly from hugely valuable source markets like China, and this represents a massive opportunity for the industry if it is able to tap into the specific needs of this complex cohort," said Sara Grady, head of travel and tourism at GlobalData.
The family travel market is growing increasingly diverse, and families have new and varying options when planning a vacation. Gone are the days that multigenerational groups are looking for just a beach vacation.
"Family travel is moving beyond the traditional sun and beach getaway to offer families some much needed time to reconnect with each other and create lasting memories, increasingly in unique destinations, or on niche holidays, from cultural trips to activity-filled adventures," Grady added. "It has never been so essential to offer travelers something beyond the norm to stand out from the crowd and that caters to their specific demands, irrespective of where they are from."
It's not surprising to see this type of growth and potential from the family market as the travel industry continues to develop new products to lure families away from home. Many types of travel that were once considered solely for adults now have corresponding family counterparts such as tours and river cruises.
For families looking to travel but overwhelmed by options, travel agents can provide a lifeline and wade through the information for them, helping them choose the right vacation for them.
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