In a time of economic uncertainty and shifting travel preferences, are multigenerational family holidays still a priority? Legal & General surveyed over 2,000 UK adults, aged 18 and over, to shed light on how family holidays are changing.
Are Brits still taking multigenerational family holidays?
While the landscape of travel has changed a lot in recent years, it appears most families remain eager to book getaways.
Nearly half (46%) of respondents consider it crucial to go on multigenerational family trips, including both immediate and extended family members.
Over half (54%) of families are also planning to take a trip in 2024, emphasising the importance of shared family experiences.
What motivates us?
When asked what the biggest motivation for booking a multigenerational family holiday was, the majority said to ‘create lasting memories’ with their loved ones (38%) as their biggest motivation in planning and booking a trip.
Despite our appreciation for the cherished memories created during family holidays, most individuals still choose to travel with partners or friends. Of those surveyed, over half (56%) indicated that they usually travel with a partner, while 22% prefer travelling with friends.
In contrast, a smaller percentage of respondents, only 13%, mentioned traveling with parents, and this figure decreased significantly to 3% for cousins and 2% for grandparents.
Rising costs
People are prioritising financial considerations before booking their next travel destination.
When asked what factors influence respondents’ decision to book a family holiday, the ‘cost of the trip’ was the most selected answer (42%), followed by ‘destination appeal’ (31%) and their ‘personal financial situation’ (31%).
Of those who stated they’ve been affected by the cost-of-living crisis, the most frequently mentioned impact was an ‘increased focus on cost saving measures’ – mentioned by almost a third of those surveyed (32% in total).
Despite rising costs, 50% of those surveyed intend to embark on a family vacation within the next 4-6 months. On average, families have allocated £2,005 for their holiday expenses, showing a slight uptick from the previous year’s budget of £1,944.
Paula Llewellyn, CMO and Managing Director (Direct) at Legal and General Retail comments:
“As families start thinking about their travel plans this year, it’s clear that they aren’t just sticking to the tradition of holidaying together; they’re eagerly planning, saving, and putting memories at the top of their priority list.
“Our previous research has shown that multigenerational living is on the rise, so it’s hardly surprising to see this crossing over into our family holidays. Even with tight budgets, families across the UK understand the benefits of these holidays. Cherishing the chance to make unforgettable memories with their nearest and dearest.”
