Dublin, September 7, 2021 (GLOBE NEWSWIRE) – The “Global Leisure Travel Market Report” the report was added to ResearchAndMarkets.com offer.
The global leisure travel market held a market value of USD 4,306.8 billion in 2020 and is expected to reach USD 6,347.8 billion by 2027. The market is expected to register a CAGR of 5.7% during the projected period.
Pleasure trips are trips planned outside the usual environment for the purposes of recreation, entertainment, relaxation, vacations and hobbies, among others. The market is expected to be driven by changing consumer spending habits, increasing diversity and global connectivity. In 2018, around 1 in 5 people planned to take wellness and health trips to weight loss and fitness retreats and yoga meditation retreats, among others. This number was almost double compared to 2017.
The lack of skilled workforce at middle and upper management level, coupled with the environmental impacts of leisure travel, is expected to hamper the growth of the market. The market has been hit hard during the COVID-19 pandemic, due to lockdowns in most countries around the world, cancellations of domestic and international flights, and other travel restrictions. However, with the relaxation of travel restrictions in 2021, the market is expected to recover soon.
Changing consumer spending habits
With the increase in the disposable income of people across the world, their spending habits are also changing. A large portion of this revenue is also spent on leisure travel which is fueling the growth of the market. According to Knoema, the top 5 countries with the highest leisure tourism spending were Macau, Maldives, Seychelles, Bahamas and Cape Verde, with spending of 47.9%, 31.1%, 19, 9%, 17.3% and 16.4%, respectively in 2019. Additionally, the average traveler spends around 9% of their vacation budget on entertainment. Such high spending on leisure travel is expected to drive market growth.
Increase in diversity
The diverse population across the globe pushes people to explore new places and meet new people. Travelers are now looking to learn more about different cultures and ethnicities. This prompts them to travel through various locations thus boosting the growth of the market.
In addition, the growing need to improve awareness of diversity is also increasing the adoption of leisure travel. Modern parents opt for leisure travel so that their children can embrace cultural diversity while exploring foreign destinations. Such experiences allow them to develop an openness to new philosophies and ideas and also to become intellectually advanced. These factors are driving the growth of the market.
Due to the rapid availability of the Internet, people are now familiar with all the places in the world. The growth of the aerospace industry has also made it possible for these people to go to all the places they want to visit. Currently, all sites are connected via various means of transport, which has boosted global connectivity. This increases the adoption of leisure travel which has a positive impact on the growth of the market.
Main topics covered:
Chapter 1. Research framework
1.1. Research objective
1.2. Product presentation
1.3. Market segmentation
Chapter 2. Research methodology
2.1. Qualitative research
2.2. Quantitative research
2.3. Distribution of the main respondents to the research, by region
2.4. Hypothesis for the study
2.5. Market size estimate
2.6. Data triangulation
Chapter 3. Executive Summary: Global Leisure Travel Market
Chapter 6. Global Leisure Travel Market Analysis, By Sales Channel
6.1. Key ideas
6.2. Market Size and Forecast, 2017 – 2027 (USD Billion)
Chapter 7. Global Leisure Travel Market Analysis, By Region / Country
Chapter 8. Analysis of North America Leisure Travel Market
Chapter 9. Analysis of the Europe Leisure Travel Market
Chapter 10. Analysis of Asia-Pacific Leisure Travel Market
Chapter 11. Analysis of the Middle East Leisure Travel Market
Chapter 12. Africa Leisure Travel Market Analysis
Chapter 13. South America Leisure Travel Market Analysis
Chapter 14. Company Profiles (Company Overview, Financial Matrix, Key Product Landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- American Express Travel
- Carlson Wagonlit Trip
- Cox & Kings Ltd.
- Expedia Group
- JTB USA, Inc.
- Price line (Booking Holdings Inc.)
- Thomas Cook India Ltd.
- Group of travel chefs
- Tui Group
- World Travel, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/pz6ltc