Main companies covered by the Leisure travel market The searches are American Express Travel, Carlson Wagonlit Travel, Cox & Kings Ltd, Expedia Group, JTB USA, Inc., Priceline (Booking Holdings, Inc.), Thomas Cook India Ltd, Travel Leaders Group, TUI Group and World Travel, Inc. and other key market players.
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.
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Pleasure travel are trips planned outside the usual environment for the purposes of leisure, entertainment, relaxation, holidays 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 affected 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.
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. 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 pushes 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.
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 go to all the places they want 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.
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Presentation of the segments:
The global leisure travel market is segmented on the basis of traveler type and sales channel.
By type of traveler
The solo traveler segment is expected to hold the largest market share of over 70% and the group segment is expected to grow at the fastest CAGR of around 6.1% during the forecast period. The growing number of solo travelers is expected to drive segment growth. Affordable and convenient group packages offered by various travel agencies are expected to drive the growth of group traveler segments.
By sales channel
The market value of online channels is expected to surpass USD 4.3 trillion by 2024. Growing demand for web-based bookings coupled with the growing number of online travel websites, such as Expedia, is estimated to drive growth of the market.
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Based on region, the global leisure travel market is divided into Europe, Asia-Pacific, Middle East, Africa, North America, and South America.
The Asia-Pacific region is expected to hold the largest market share of over 38% owing to the growing preference for locations in Asia-Pacific for leisure travel. These locations include the Maldives, Macau, and Thailand, among others.
The Europe region accounted for the second largest market share due to the increase in disposable income and support from government as well as non-governmental organizations to travel and explore various places.
These market players are involved in collaborations, mergers and acquisitions, and new product launches to boost their presence in the market. For example, CWT, a travel management platform, launched and implemented its revamped onboarding program for seamless and rapid onboarding of new customers in May 2021. With this, the company focused on solving of a traditional industry-wide problem.
The Global Leisure Travel Market report provides insights into the pointers below:
Market penetration: Provides comprehensive market insights offered by major players
Market development: The report offers detailed information on lucrative emerging markets and analyzes penetration in mature segments of the markets.
Market Diversification: Provides detailed information on untapped geographies, recent developments and investments
Assessment of the competitive landscape: Mergers and acquisitions, certifications, product launches in the global leisure travel market have been provided in this research report. In addition, the report also emphasizes on the SWOT analysis of key players.
Product development and innovation: The report provides intelligent insights into future technologies, R&D activities and breakthrough product developments
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The global leisure travel market report answers questions such as:
What is the market size and forecast of the global leisure travel market?
What are the inhibiting factors and impact of COVID-19 on the Global Leisure Travel Market during the assessment period?
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What is the market share of the major players in the global leisure travel market?
What modes and strategic moves are considered favorable for entering the global leisure travel market?
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