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Seasonal Vacation Trends - US - February 2016

Seasonal Vacation Trends - US - February 2016

"The leisure travel industry is in an upswing. Parents of children under 18 years are heavy travelers, especially in the summer when a majority of them take at least one vacation. Winter is the least common season for vacation travel but also when there is disparity between vacations planned and taken, which points to an opportunity to provide these parents with options to accomplish their desire to travel."

- Rupa Ghosh, Travel & Leisure Analyst

This report looks at the following issues:

Overall leisure travel market growing – but spending per trip declining
Key target – households with children – in decline
Kids influence vacation decisions
Time and money: key constraints limiting vacation length


OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
Figure 1: Vacations taken in the last 12 months, by season, November 2015
The issues
Figure 2: Households, by presence of own children, 2003-14
Figure 3: How kids influence vacation decisions, November 2012-December 2013/February 2014
Figure 4: Preference – Vacation number and duration; expense, November 2015
The opportunities
Figure 5: Vacation companions – Family, by season, November 2015
Figure 6: Types of vacations taken, preference off-peak vs peak and budget vs five-star, by age and gender of parent, November 2015
Figure 7: Preference – Domestic vs international, November 2015
What it means
THE MARKET
What you need to know
The good: positive economic environment
The bad and the ugly: decline in households with children, foregoing vacation
The changing definition of the American family
Market size and forecast
Spending on vacations and tourism projected to continue steady growth
Figure 8: Best- and worst-case forecast value sales of vacations and tourism, at current prices, 2010-20
Figure 9: Value sales and forecast for vacations and tourism, at current prices 2010-20
Market factors: Economic
Increases in disposable income points to increased spending
Figure 10: Disposable personal income change from previous period, January 2007-December 2015
Consumer confidence continues upward trend
Figure 11: Consumer sentiment index, January 2007-December 2015
Lower oil prices good news for travelers
Figure 12: US gasoline and diesel retail prices, January 2007-December 2015
Market factors: Demographic
Children younger than 18 present in 28% of US households
Figure 13: Households, by type, 2015
Parents’ vacation intentions promising
Figure 14: How extra money is spent – Vacations, by presence and age of children in household, January 2015
The share and number of households with kids in the US is declining
Figure 15: Households, by presence of own children, 2003-14
Hispanics fueling growth of family vacations
Figure 16: Households with children, by race and Hispanic origin of householder, 2013
Market perspective
Americans leaving vacation time on the table
Positive outlook for business travel may also boost leisure market
Figure 17: Fan chart forecast of total domestic business travel expenditures, at current prices 2010-20
KEY PLAYERS
What you need to know
Baby Boomer grandparents and Hispanics key segments
Create one-of-a-kind vacation experiences
Business travel contributing to family vacations
Independent operators feeling the squeeze
Inclusion and safety as entry points
What’s working?
Baby Boomer grandparents treating the family
The peer-to-peer and sharing economy expands into new sectors
Customized/bespoke vacations
Spiritual and volunteer vacations
What’s facing challenges?
Smaller hotels, theme parks and independent operators vulnerable
Attracting parents with kids – more than a marketing effort
What’s next?
Employers and travel industry players enable “bleisure” travel
Offerings designed especially for Millennials should consider the kids
Leverage the sharing economy to create unique/local experiences
Figure 18: HomeAway TV Commercial – “It’s Your Vacation. Why Share It?” January 2016
Expansion of “Grand Travel” market
Hispanics as a key target of the vacation market
THE CONSUMER
What you need to know
Summer is the top season for family vacation travel, spring follows
Grandparents key partners for parents
The ideal and the typical vacations are very different
Parents take vacation to be with their family and to relax
Younger dads are a prime prospect with very specific desires
Parents with young kids want to travel abroad
Seasonal vacations taken and planned
Parents planning vacations – not always executing on those plans
Figure 19: Vacations taken/planned in the last 12/next 12 months, by season, November 2015
Higher income Millennial parents with multiple kids are a key target
Younger dads take more vacations, like to relive their childhood
Figure 20: Vacations taken in the last 12 months – means, by season, by key demographics, November 2015
Figure 21: Attitudes and opinions about entertainment, by gender and age, November 2015
Hispanics more likely than non-Hispanics to travel in winter and spring
Figure 22: Vacations taken in the last 12 months, by season, by race/Hispanic origin, November 2015
Seasonal vacations duration and distance
Vacations typically last less than a week
Figure 23: Duration of vacations, by seasons, November 2015
Most travel over 500 miles, though parents prefer to stay close to home
Figure 24: Distance traveled for vacation, any vacation, by presence of children in household, March 2014
Parents travel shorter distances, but go further in the summer
Figure 25: Distance traveled for vacation (mean miles), by seasons, by presence of children in household, March 2014
Seasonal vacation companions
Parents travel with their kids, especially in the summer
Figure 26: Vacation companions – Family, by season, November 2015
Kids aged 6-11 are in the “sweet spot” for family vacations
Figure 27: Vacation companions – Children by ages, by season, November 2015
Grandparents likely to help with young children and larger families
Figure 28: Vacation companions – Grandparents, by number and age of children, November 2015
Vacations are more than a family affair for Hispanics and Blacks
Figure 29: Vacation companions – By race/ Hispanic origin, November 2015
Vacation types
Visiting loved ones, theme parks, getting back to nature top the list
Figure 30: Types of vacations taken, November 2015
Summer vacationers less likely to visit friends/family, cruise
Figure 31: Types of vacations taken, summer only compared to all, November 2015
Younger dads more likely to take cultural vacations and organized trips
Figure 32: Types of vacations taken, by age and gender of parent, November 2015
Vacation type impacted by income
Figure 33: Types of vacations taken, by household income, November 2015
Families with younger kids take more structured vacations
Figure 34: Types of vacations taken, by age of child, November 2015
Figure 35: Leisure activities/hobbies, by presence of children, April 2014-June 2015
Family/friends and amusement parks popular among all races/ethnicities
Figure 36: Types of vacations taken, by race/ Hispanic origin, November 2015
The ideal vacation
Parents’ ideal vacations include relaxation – not necessarily with kids
Figure 37: Words associated with the “ideal vacation,” November 2015
Figure 38: Words associated with the “typical vacation,” November 2015
Sun, sand and surf – Life’s a beach for the ideal vacation
Figure 39: Visited a beach or lake in the last 12 months, by children and marital status, April 2014-June 2015
Vacation reasons
Parents bond and relax with the family during vacation
Figure 40: Reasons for vacation, November 2015
If only one summer vacation, less important to celebrate holidays
Figure 41: Reasons for vacation, summer only compared to all, November 2015
Many reasons to take vacation, five unique reasons reach most parents
Figure 42: TURF analysis – Reasons for vacation, November 2015
Younger dads seek adventure and romance
Figure 43: Reasons for vacation, by age and gender, November 2015
Blacks want to reward themselves, Hispanics to reminisce
Figure 44: Reasons for vacation, by race/ Hispanic origin, November 2015
Vacation preferences: Planning
Vacation planning is a family affair
Figure 45: Preference – I do the planning vs others do the planning, November 2015
Internet used for planning by half of parents but need familiar companies
Figure 46: Attitudes about travel – Internet, travel arrangements, experiences, by presence of children in household, April 2014-June 2015
Social media showcases destinations, jury still out on its influence
Vacation preferences: Type
Shorter more frequent vacations are the preferred and reality for parents
Figure 47: Preference – Several short vs one or two long vacations, November 2015
Off-peak travel a preferred option for parents
Figure 48: Preference – Off-peak vs peak period, November 2015
Budget travel preferred by parents
Figure 49: Preference – budget vs five-star, November 2015
Younger dads prefer peak periods and five-star options
Figure 50: Preference – Off-peak vs peak periods and budget vs five-star, by gender and age, November 2015
Higher income parents more likely to prefer luxury travel, peak seasons
Figure 51: Preference – Off-peak vs peak periods and budget vs five-star, by household income, November 2015
Vacation preferences: Companions
Kid-friendly vacations preferred, opportunity to target parents with adults-only
Figure 52: Preference – kid-friendly vs adults-only, November 2015
Travel group size does not reflect family size
Figure 53: Preference – Small group vs larger group travel, November 2015
The more kids, the more parents prefer kid-friendly vacations
Figure 54: Preference – Kid-friendly vs adult and small vs large groups, by number of children, November 2015
Kid-friendly vacation even more appealing to parents with younger kids
Asians prefer traveling in smaller groups
Figure 55: Preference – Kid-friendly vs adult and small vs large groups, by age of children, November 2015
Figure 56: Preference – Kid-friendly vs adult and small vs large groups, by race/Hispanic origin, November 2015
Vacation preferences: Location type
Domestic vacations preferred overall, but many aspire to travel abroad
Figure 57: Preference – Domestic vs international, November 2015
Figure 58: Attitudes about travel – Domestic and foreign travel, by presence of children in household, April 2014-June 2015
Novelty appeals to parents
Figure 59: Preference – New vs familiar destinations, November 2015
Families with younger children open to vacationing abroad
Figure 60: Preference – Domestic vs international and new vs familiar destinations, by age of children, November 2015
Larger families prefer to stay in the US
Figure 61: Preference – Domestic vs international and new vs familiar destinations, by number of children, November 2015
Hispanics more open to foreign vacations, Blacks prefer the familiar
Figure 62: Preference – Domestic vs international and new vs familiar destinations, by race/Hispanic origin, November 2015
More parents are seeking adventure than actually experiencing it
Figure 63: Preference – Established vs off the beaten path destinations, November 2015
Younger dads more open to adventure
Figure 64: Preference – Established vs off the beaten path destinations, by gender and age, November 2015
Established locations more important to families with multiple children
Figure 65: Preference – Established vs off the beaten path locations, by age and number of children, November 2015
Blacks and Asians less adventurous
Figure 66: Preference – Established vs off the beaten path locations, by race/Hispanic origin, November 2015
APPENDIX
Data sources and abbreviations
Data sources
TURF analysis – Methodology
Figure 67: Table – TURF Analysis – Reasons for vacation, November 2015
Abbreviations and terms
RESEARCH METHODOLOGY
US Research Methodology
Consumer research
Social Media Research
Trade research
Statistical Forecasting

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