Impacts of COVID-19 and forecasts until 2027

Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) — The “Global Leisure Travel Market Report” report has been added to from ResearchAndMarkets.com offer.

The global leisure travel market held a market value of USD 4,306.8 billion in 2020 and is projected 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 consumption habits, increasing diversity and global connectivity. In 2018, about 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 has almost doubled compared to 2017.

Lack of skilled labor at middle and upper management levels coupled with the environmental impacts of leisure travel is expected to hamper the growth of the market. The market has been extremely impacted during the COVID-19 pandemic, due to shutdowns in most countries around the world, cancellation of domestic and international flights, and other travel restrictions. However, with the easing of travel restrictions in 2021, the market is expected to recover soon.

Growth Influencers:

Changing Consumer Consumption Habits

With the increase in 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, an average traveler spends about 9% of their vacation budget on entertainment. This high spending on leisure travel is expected to drive the growth of the market.

Increase in diversity

The diverse population across the world drives people to explore new places and meet new people. Travelers are now looking to learn more about the different cultural and ethnic diversities. This drives them to travel through various locations, thereby driving the growth of the market.

Additionally, 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.

Global Connectivity

Due to the fast availability of internet, people now know all the places in the world. The growth of the aerospace industry has also made it possible for these people to travel to all the places they wish to visit. Currently, all locations are connected via different 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. Breakdown of top research respondents, by region
2.4. Assumption for the study
2.5. Market size estimation
2.6. Data triangulation

Chapter 3. Executive Summary: Global Leisure Travel Market

Chapter 4. Global Leisure Travel Market Overview
4.1. Market dynamics and trends
4.2. Assessment of the impact of Covid-19 on the growth trend of the market
4.2. Market Growth and Prospects

Chapter 5. Global Leisure Travel Market Analysis, By Traveler Type
5.1. key ideas
5.2. Market Size and Forecast, 2017 – 2027 (USD Billion)

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. North America Leisure Travel Market Analysis

Chapter 9. Europe Leisure Travel Market Analysis

Chapter 10. Asia-Pacific Leisure Travel Market Analysis

Chapter 11. Middle East Leisure Travel Market Analysis

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)

For more information on this report, visit https://www.researchandmarkets.com/r/pz6ltc

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