Families have big travel budgets. 55% of the respondents are allocating $10,000 to $20,000 for travel in the coming year. And over 10% of the respondents have more than $20,000 to spend on travel.
Given these travel budgets, people are willing to spend extra money for special events and activities and nice restaurants. Conversely, respondents said they try to save money mostly on transportation. Interestingly, half of the respondents said they’re willing to splurge on accommodations whereas the other half searched for good deals on places to stay.
Millennial parents are planning on traveling a lot in the coming year. 54% of the respondents have 3-5 trips on the calendar and 25% are planning 6 or more trips. And these aren’t short trips! Just over half of the respondents are planning on traveling between 2 weeks and a month, while 22.5% are planning on traveling between one and two months in the coming year.
Even though 82.5% of the respondents are US based, that doesn’t seem to limit their ability to travel extensively. Folks living outside of the USA (Canada, Europe, Australia etc.) did report slightly longer periods of travel. But plenty of US-based families are planning on traveling for 20 to 60 days in the coming year.
Millennial families have ambitious travel plans. The top bucket list destination for a family trip was an African safari. Other big adventures included Japan, the Amazon and Brazil, the Everest base camp, the Galapagos, Australia and New Zealand.
Nearly 40% of respondents said they would consider or would definitely use a travel agent to book a trip in the coming year. This is not surprising considering the available budgets and the ambitions of these traveling families.
That being said, travel blogs and guide books are the most popular resources for travel inspiration and trip planning.
The results of the Spring 2023 Family Travel Survey are consistent with the latest Bain-Altagamma Luxury Goods Worldwide Market Study findings that millennials and Gen Z accounted for all the luxury market’s growth in 2022, including spending on luxury travel.
Additionally, the Robb Report found that luxury hotels and travel agencies are evolving their offerings to accommodate millennials, including those traveling with children.
Tags: Robb Report, Spring 2023 Family Travel Survey, big travel budgets
