According to a new report, the leisure travel market has been segmented based on type of traveler, sales channel, age group, type of spend and region.
PORTLAND, OREGON, USA, August 3, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Leisure Travel Market by Traveler Type, Sales Channel, Age Group and Spend Type: Opportunity Analysis and Industry Forecast, 2021-2027”, the Global Leisure Travel Market size was valued at USD 1,006.5 Billion in 2019 and is projected to reach USD 1,737.3 Billion by 2027, registering a CAGR of 22.6% from 2021 to 2027.
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Leisure travel abroad has gained significant momentum in the early 21st century due to increasing disposable income, expanding logistics and infrastructure, rigorous tourism promotion and advertising by governments. The outbound tourism market has grown rapidly such that the number of outbound tourists has maintained robust growth every year from 2002 to 2018. The number of outbound tourists worldwide surpassed a record 1.4 billion in 2018 .
New trends have emerged due to the rapid development of global outbound tourism. Citizens’ perceptions have shifted from meeting daily needs to improving the quality of their lives. Now more than ever, travel plays a vital role in people’s busy lifestyles. Leisure vacations have remained the most preferred type of travel, however, adventure tourism has grown in popularity in recent years.
Evidence of the changing leisure travel market is coming from all regions, whether developing or developed. The deployment of digital technologies, including but not limited to artificial intelligence, big data and analytics, the Internet of Things will continue to remain a focus for the rapidly developing tourism industry.
The increasing advent of digitalization will continue to drive a paradigm shift in the leisure travel and tourism industry regarding how engaged stakeholders will engage with tech-savvy customers.
Based on traveler type, the group segment contributed almost three-quarters of the total market share in 2018 and is expected to dominate from 2019 to 2026. Meanwhile, the solo segment is expected to grow at the fastest CAGR of 6 .9% throughout the forecast period.
By age group, the Gen X segment held the largest share in 2018, capturing nearly two-fifths of the total market. Simultaneously, the millennial segment would register the fastest CAGR of 6.6% till 2026. The millennial segment is also analyzed in the market report.
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The UK is on the brink of Brexit and no deal out could have dire ramifications on the outbound tourism market. According to AMR’s analysis, a no-deal Brexit could lead to a drop of around 5-7% in the number of travelers leaving the UK. Spain, France and Italy would see a significant drop in the number of tourists from the UK due to a weaker exchange rate, the imposition of tariffs, higher airfares and premiums higher travel insurance. A decrease in the value of the British currency will lead to a change in the preferences of British residents for national holidays. A no-deal scenario will lead to an increase in overall spending incurred by UK residents. No deal exit will have a cascading effect on the UK economy, which will have a negative impact on the UK outbound tourism industry.
According to the estimate of the United Nations World Tourism Organization (UNWTO), global international tourist arrivals could decrease by 58-78% in 2020 depending on the speed of containment and the duration of travel restrictions as well as of border closures.
Furthermore, the travel and tourism industry will suffer a loss of $910 billion to $1.2 trillion in tourism export revenue in 2020, which is further expected to hamper the growth of the market. Moreover, according to the UNWTO, the pandemic is likely to increase unemployment by jeopardizing an estimated 100-120 million direct jobs in tourism, thus curbing the growth of the leisure travel market.
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Key players profiled in the report include Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Travel Leaders Group, TUI Group., Thomas Cook (India) Limited and Cox & Kings . ltd.
Main results of the study:
○ By type of traveler, the group segment dominated the global market in 2019 and is expected to maintain its dominance throughout the forecast period.
○ By sales channel, the online channel segment accounted for the highest share of leisure travel market growth in 2019 and is expected to grow at a CAGR of 23.1% from 2021 to 2027.
○ By age group, the Gen X segment dominated the global leisure travel market demand in 2019 and is expected to maintain its dominance throughout the forecast period.
○ By type of expenditure, the accommodation segment dominated the global market in 2019 and is expected to maintain its dominance throughout the forecast period.
By region, Asia-Pacific accounted for the largest leisure travel market share in 2019 and is expected to grow at a CAGR of 24.1%.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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