The second TMS Family Travel Summit examined trends in multigenerational travel, finding that multigenerational travel is up 30 percent over the past year, and senior-led travel groups are spending an average of $1,000 more per year than other travelers.
Jeffrey Eslinger, director account services at DK Shifflet and Associates, defined multigenerational travel at the event as a travel party comprised of at least one traveler over age 60 with at least one traveler under age 18 who resides in a different household.
While leisure travel parties average 2.13 travelers per group, multigenerational groups more than double them at 4.95 travelers per group. The summit found that multigenerational travelers also have higher incomes (an average of $93,000 verses $81,000 for leisure travelers), and when grandparents arrange the trip they pay 65 percent of the time while adult children are more likely to pay 39 percent of the time when grandchildren organize. Additionally, one third of traveling parties claim to share expenses.
Other findings include the fact that multigenerational travelers take an average of four trips per year and spend $1,000 more per year than leisure travelers. The majority of multigenerational travelers also visit online communities for travel advice.
To find success with multigenerational groups, hotels are embracing Millennial tourists. The Jakarta Post reported on a study by the Singapore Tourism Board in late August that showed approximately 60 percent of the world's Millennial generation resides in Asia, with another third coming from China or India. Millennial expenditure is also forecasted to increase 1.6 times to US$340 billion by 2020.
"I think preparedness starts from awareness and I see a lot of awareness in the [tourist and travel] industry because there’s a lot of conversations and efforts to understand how important digital strategy is in the business," Neeta Lachmandas, assistant chief executive at the Singapore Tourism Board told the Jakarta Post.