More than half (54%) of families are planning to take a holiday this year, with a marginal increase in spend, according to a new study.
Despite rising costs, half of the 2,000 people surveyed intend to take a family trip within the next four to six months.
On average, families have allocated £2,005 for their holiday expenses, showing a slight rise from the previous year’s budget of £1,944, the research by Legal & General found.
However, people are prioritising financial considerations before booking their next travel destination.
When asked what factors influence their 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 that they have 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%).
Yet it appears most families remain eager to book getaways. Nearly half (46%) of respondents considered it crucial to go on multigenerational family trips, including both immediate and extended family members.
Of those surveyed, over half (56%) indicated that they usually travel with a partner, while 22% preferred travelling with friends.
In contrast, a smaller percentage of respondents, only 13%, mentioned travelling with parents, and this figure decreased significantly to 3% for cousins and 2% for grandparents.
When asked what the biggest motivation for booking a multi-generational family holiday was, the majority said to ‘create lasting memories’ with their loved ones (38%).
Legal & General Retail managing director Paula Llewellyn said: “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.”