New Report Shows Multigenerational Travel To Experience Rapid And Sustained Growth
By Christine Kern, contributing writer
Multigenerational travel decisions shaped by children
A new, national survey conducted by Preferred Hotel Group study has found that multigenerational travel is anticipated to experience rapid and sustained growth, fueled by the money of the elder generation and the sense of adventure of the grandchildren. The Preferred Hotel Group calls this movement “multigenerational travel 2.0,” and found that among millennials, 91 percent take an annual multigenerational trip.
"While the growth of multigenerational travel has been a buzz in the hospitality industry for several years, shifts in the economy, new technology, and even contemporary parenting have had a measurable impact on how multigenerational travel is packaged, planned, taken and paid for," Lindsey Ueberroth, President & CEO of Preferred Hotel Group, a global collection of independent hotels and resorts stated in the press release.
"This is multigenerational travel '2.0.' And these days, children are calling the shots, grandparents are increasingly funding the cost of the trip and an overwhelming percentage of Millennials – 91% of those surveyed – say a multigenerational trip is something they try to take every year."
The study examined variables including the attitudes, behaviors, preferences, social values, lifestyles, and media habits of multigenerational travelers, and confirmed a continued desire to "spend more time with family on vacation" – a trend that first emerged in the aftermath of the tragic events of 9/11.
According to the study, today this motivation is amplified by the frenetic pace of contemporary life coupled with the increasing parental guilt over not spending enough time with their children. As a result, travelers who have taken a multigenerational trip previously are "likely" or "very likely" to plan another domestic (86 percent) or international (48 percent) multigenerational vacation during the next two years.
The study also found that 40 percent of parents and grandparents report that the children “actively participate in or influence vacation planning,” particularly in choosing daily activities (77 percent) and destinations (62 percent). And 49 percent say that grandchildren influence selection of the hotel or resort.
The multigenerational trips are also fueled by the grandparents’ willingness to foot the bill (35 percent), more so than parents (25 percent) in order to “help family members enjoy a vacation they otherwise could not afford.”
Among travelers who took a multigenerational vacation last year, 77 percent agreed that taking such a vacation "is something they try to do every year," particularly among Millennials (91 percent) and Gen Xers (80 percent).
Classic destinations are also popular, and multigenerational users admit Facebook influences their travel plans. The makeup of multigenerational travel has also expanded to include those beyond immediate family members. And traditional travel agents are integral to the travel plans of many multigenerational travelers.
The study also found that, as the number of grandparents continues to increase, multigenerational travel will also continue to grow in size and influence. According to the U.S. Census, there will be 80 million grandparents by 2020, accounting for nearly one-in-three adults. In addition, these grandparents are widely expected to work longer, have higher incomes, and spend more on discretionary products and services than their predecessors.
"The size and scope of the opportunity inherent in this growing market segment is apparent," says Ueberroth.
Preferred Hotel Group teamed up with MMGY Global, a leading marketing company serving travel, leisure and entertainment-industry clients, to study the behaviors of more than 1,150 adult (US) multigenerational travelers.