Multi-generational travel has become a key market in recent years but new research shows that travel professionals should take a closer look at the overall family travel market as developing trends might affect selling patterns. The most recent study (the fifth annual) from the NYU School of Professional Studies Tisch Center of Hospitality and the Family Travel Association revealed:– A softening overall in family travel with affordability the main issue. The intent to travel is down for the third year in a row. Still, it is a $160 million industry. – Opportunities in “gramping” or “skip-generational” travel – with grandparents traveling with grandchildren with parents not present.– Significant growth in the Asian-American family market.According to the survey, 77% of parents responding have traveled with their children in the past three years, and 70% plan to travel with their children in the coming three years. The average annual spending on family travel across parent respondents was $3,835; the median amount was $2,435. While 53% of parents have taken a multigenerational trip in the past. 65% of them plan to take, or would consider taking, a multigenerational trip in the future. These trips are usually organized by the parents and grandparents together with the costs typically shared.Lynn Minnaert, clinical associate professor at the NYU School of Professional Studies Tisch Center of Hospitality, said there has been a bit of a softening because of concerns over the direction of the economy. She said the same is happening in related sectors, like luxury cars and real estate. For a lot of people thinking about a high-ticket item, said Minnaert, “there is unease about the strength of the economy going forward.” Lynn Minnaert, clinical associate professor, Jonathan M. Tisch Center of Hospitality, New York University (photo courtesy Lynn Minnaert) In fact, 82% of parents agreed that affordability is the main reason they forego taking family vacations. When the survey was first conducted in 2015, 93% of parents indicated that they were planning to travel with their family in the coming years. Since 2017, that percentage has decreased. This year, only 70% of parent respondents are intending to travel with their children in the next few years.Affordability represents a challenge to travel sellers, said Minnaert, with families earning as much as $100,000 - $150,000 grappling with affordability. She said the industry might do better by coming up with appropriate products to meet this challenge – like offering the kind of low-cost packages Europeans have favored for many years. Trending Now According to Minnaert, parents underestimated how much grandparents want to travel with grandchildren. The research showed that multi-generational is less common than skip-generational travel.And there are differences in what clients seek in multi-generational vs. skip-generational trips. In the case of skip-generational travel, there is a stronger focus on activities and attractions, and grandparents tend to worry more about keeping the children safe and healthy during their time away. Multigenerational travel is more about enjoying quality time as a family— beach and lake/mountain vacations are more common with accommodations that include kitchen facilities for families to prepare and eat meals together.In addition, said Minnaert, there is a lot of skip-generational appetite for shorter trips – a weekend, maybe a week.Interestingly, grandparents surveyed used travel agents less than parents. It showed 16% of parents have used an agent to plan and book a trip in the past three years. Of the grandparents, 8% have used an agent to plan and book a skip-generational trip in the past three years. One explanation might be, said Minnaert, that grandparents tend to return to places they know, so see less need for professional help.As for the Asian-American market, Minnaert said travel marketers should think about how often they use images of Asian-Americans traveling. The intent to travel among Asian-Americans, she said, is very high, with a strong focus on multi-generational holidays.Travel sellers should also understand how families use social media, said Minnaert. For parents, Facebook is the most commonly used platform (79%), followed by Instagram (60%) and Pinterest (52%). Only 9% of parent respondents are not active on any social media. For grandparent respondents, Facebook also is the most commonly used social media platform (78%), followed by Instagram (42%) and Pinterest (32%). Only 17% of grandparent respondents are not active on social media.Minnaert said Facebook seems to be a source among parents and grandparents, though they may use it differently. Parents, she said, are more likely to use reviews, while grandparents are more likely to “engage” – using chat functions to ask questions about a trip.Minnaert concludes that the study shows year after year that family travel is considered important and seen as having value. But the clear trend, she said, is that it is sensitive to economic change and the industry “will have to work harder to prove its value.” Let's block ads! (Why?)