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Vacationers and tourists are no longer content to sit and relax; they want adventure.
The global adventure tourism market is forecast to grow by as much as 46 percent by 2020, according to the Global Adventure Tourism Market 2016-2020 report published October 2016 by SandlerResearch.org. In 2015, the adventure tourism industry generated revenue of $7.88 trillion.
"Increased preference for adventure over other tourism activities will be a key driver for market growth," the report said.
Instead of staying at beach cottages or going sight-seeing, vacationers are increasingly opting to go skydiving or rock climbing, caving or deep-sea diving and similar high risk activities.
Insurers are having to keep up with the trend.
"Campgrounds, RV parks, dude ranches, resort lodges — those are some areas where we've seen a shift going on," says Doug Killeen, vice president of underwriting at Philadelphia Insurance Companies. "Those places are feeling the pressure to add many different services and a lot of those services are in the adventure realm."
Campgrounds used to be where vacationers would spend the night, perhaps swim in the camp's pool or play a round of putt-putt golf.
But times have changed.
It's no longer enough for a campground to offer traditional activities such as hiking or swimming, according to Krystal Allen, underwriting manager at Philadelphia Insurance Companies. Many campgrounds are adding things like inflatables on a lake, jumping pillows and climbing walls, she said. Even upscale resort lodges are finding customers want white water rafting, mountain biking, ropes courses and ziplining.
"Now campgrounds are more geared to having entertainment for the children; they are more than just a place to stay and see the local sites," she said.
Parks are adapting to consumer demands as well. "It's not just a swing set anymore. Parks are adding these...