Market Size – The leisure travel market size has grown rapidly in recent years. It will grow from $1,108.52 billion in 2023 to $1,260.91 billion in 2024 at a compound annual growth rate (CAGR) of 13.8% The growth in the historic period can be attributed to rising disposable incomes, a growing middle-class population, increasing globalization, expanding tourism infrastructure, enhanced connectivity and transportation, rise of low-cost airlines, government initiatives and incentives, growth in social media and digital marketing; increase in eco-friendly travel options.
The leisure travel market size is expected to see rapid growth in the next few years. It will grow to $2,119.96 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to paradigm shifts in consumer spending patterns, an increase in global outbound tourism, improved lifestyle standards, the integration of big data analytics, the adoption of AI and IoT in tourism, rising eco-friendly tourism, the growth of space tourism, wellness tourism trends, social media influence on travel, and the availability of low-cost airlines. Major trends in the forecast period include a surge in solo travel preferences, a focus on unique and exotic destinations, online booking services, sustainable tourism practices, advances in travel technology and AI, adventure and wellness travel, the use of mobile travel apps, and customized travel experiences.
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Scope Of Leisure Travel MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Leisure Travel Market Overview
Market Drivers –The growing consumer preference for recreational travel experiences is anticipated to drive the growth of the leisure travel market moving forward. Recreational travel experiences involve activities and trips primarily designed for leisure, enjoyment, and relaxation, with consumers increasingly prioritizing memorable and immersive travel experiences over material possessions. Furthermore, there is a notable demand for connection, involvement, and authenticity in these experiences. Leisure travel offers opportunities to engage in various recreational activities, including outdoor adventures, sports, cultural events, and relaxation at diverse destinations. For instance, in May 2024, the Adventure Travel Trade Association, a US-based strategic membership organization, reported that the average number of travelers served by adventure travel operators surged to 6,553, marking a 54% increase from 4,243 in 2022 and a remarkable 384% rise from 1,355 in 2021. Therefore, this growing consumer preference for recreational travel experiences is a key driver behind the expansion of the leisure travel market.
Market Trends – Major companies operating in the leisure travel market focus on shifting toward digital transformation and online bookings such as hotel content distribution platforms, to enhance personalized experiences and streamline operations. A hotel content distribution platform is a technology solution that centralizes and simplifies the management and distribution of hotel information, rates, and availability across multiple booking channels to enhance visibility and optimize bookings. For instance, in March 2024, Amadeus IT Group SA, a Spain-based travel technology company, launched Amadeus Leisure Connect. This unified tech solution enhances leisure travel by linking hotel providers with travel sellers. It integrates private agreements to streamline hotel content distribution, offering real-time rates and inventory. The travel sellers can personalize and upsell services while accessing exclusive prepaid net rates from over 600,000 properties. The platform simplifies bookings and optimizes revenue, improving traveler experiences and operational efficiency.
The leisure travel market covered in this report is segmented –
1) By Expenditure Type: Lodging, Transportation, Food And Beverages, Events And Entertainment, Other Expenditure Types
2) By Traveler Type: Solo, Group
3) By Sales Channel: Online Channels , Conventional Channels
4) By Age Group: Baby Boomers, Generation X, Millennials, Generation Z
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Regional Insights – North America was the largest region in the leisure travel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the leisure travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are TUI Group, Priceline Group, Booking Holdings Inc., Expedia Group Inc., CWT Global BV, Airbnb Inc., American Express Global Business Travel, Flight Centre Travel Group Ltd, TripAdvisor Inc, Orbitz LLC, World Travel Inc., Contiki Holidays Ltd., Abercrombie & Kent Ltd., G Adventures Inc., Trivago N.V., Cox & Kings Ltd., Travelocity.com LP, Direct Travel Inc., Travel Leaders Group LLC, MakeMyTrip Pvt. Ltd., Luxury Escapes Pty Ltd., Intrepid Travel Pty Ltd., GetYourGuide AG, Kayak Software Corporation, JTB Americas Group Inc., TravelBag Ltd., Thomas Cook Group plc, Trafalgar Tours Ltd., Hays Travel Limited
Table of Contents 1. Executive Summary2. Leisure Travel Market Report Structure3. Leisure Travel Market Trends And Strategies4. Leisure Travel Market – Macro Economic Scenario5. Leisure Travel Market Size And Growth…..27. Leisure Travel Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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