The outbound family travel market will grow at a Compound Annual Growth Rate (CAGR) of 4.6 per cent from 300 million trips in 2017 to 376 million in 2022, according to a new report by data and analytics company GlobalData.
The company’s latest report, ‘Key Trends in Family Travel’ highlights that family travel accounts for 30.8 per cent of outbound tourism and will retain its hold through the forecast period, largely driven by the booming Chinese market.
Defining family travel
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," said GlobalData. From the provision of more transformational activities to the seamless availability of technology, all elements must be considered with greater focus.
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.”