GlobalData: Family travel to increase by 25% by 2022
The outbound family travel market will grow at a Compound Annual Growth Rate (CAGR) of 4.6% from 300 million trips in 2017 to 376 million in 2022, according to GlobalData, a leading data and analytics company.
The company’s latest report, ‘Key Trends in Family Travel’ highlights that family travel accounts for 30.8% of outbound tourism and will retain its hold through the forecast period, largely driven by the booming Chinese market.
Sara Grady, Head of Travel & Tourism for GlobalData commented: “As disposable income grows and emerging markets open their borders, we will see trends like multi-generational 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.”
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The family travel market is characterized by increasingly sophisticated and disparate traveller demands with the industry now needing to cater to the wants and needs of many different age groups, and consumers who are more than ever, used to having tailored products and services available to them. From the provision of more transformational activities to the seamless availability of technology, all elements must be considered with greater focus.
Grady concludes: “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. It has never been so essential to offer travellers something beyond the norm to stand out from the crowd and that caters to their specific demands, irrespective of where they are from.”