May 24 2013 by Bryson Forbes
I had the pleasure of moderating Best Western's annual leisure travel summit that is held each year in New York City. This year the event was held at The Modern, a restaurant, I highly recommend by the way, that is connected to the Museum of Modern Art.
A big portion of this year's discussion surrounded a topic that is gaining lots of traction called the "travel effect". It's a brilliant concept that U.S. Travel is really focusing on that looks at all the positive benefits that are derived when people travel.
Check out their website The Travel Effect to sink your teeth into more information but here are some of the key points that I got out of both our panel discussion and from the website:
- 77% of youth respondents to a travel effect survey report that their parents have told them stories about their childhood family vacations. This certainly holds true for me and in fact my family goes away for a week to a family resort that my grandparents starting going to in 1925! I have heard some of these stories for forty years!
- 62% of adults say that their earliest childhood memories are from family vacations taken between the ages of 5 and 10. Also holds true with me, I remember (although vaguely) Disney at age 7!
- A majority of respondents agree that vacations bring the family closer together and 75% of parents believe the cost of travel is justified because the memories created on a family vacation are "priceless", que the MasterCard commercial!!
- 60% of youth respondents agree that when travelling with their grandparents the result is a much closer relationship and connection. This actually seems a little low to me but perhaps many don't get the chance to travel with their grandparents, but according to our panel that trend is certainly changing!
- Travel is one of the key catalysts to economic recovery. Business travelers in the US spent $225 Billion last year. Gary Oster pointed out that travel and tourism account for 1 of every 7 jobs in the U.S. - WOW!
- Studies show that by investing $1 in travel the net return to the economy is $9.25. That's a lot better than my mutual funds right now!
The concept is something that most of us in the travel industry have inherently known to be true but hats off to U.S. Travel for quantifying some of the travel benefits. Are you surprised by any of the results of facts that you have read?
Does your earliest childhood memory revolve around a family vacation?