The global leisure travel market size is expected to reach USD 6,347.8 billion by 2027, driven by changing consumer consumption habits, increasing diversity and global connectivity.
NEW DELHI, February 2, 2022 /PRNewswire/ — The size of the global leisure travel market has been estimated at $4,405.5 billion in 2021 and is expected to reach $6,347.8 billion by 2027. The market is expected to grow with a CAGR of 5.7% during the forecast period 2022-2027. Leisure travel is intended for entertainment, relaxation and vacation purposes. The travel industry aims to provide a pleasant experience for all of its customers. The leisure travel market operates in a competitive business environment as there are rapid developments and changes in travel patterns.
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The major factors driving the growth of the global leisure travel market are changes in consumer consumption habits, increase in diversity and global connectivity. Rising disposable income of people globally is driving shifting preferences and development opportunities that are fueling the growth of the leisure travel market. In the United States, more than 35% of travelers are willing to pay more for a better experience and this high leisure travel spending is expected to drive the market growth. Moreover, the diverse populations across the globe greatly inspire people to explore different parts of the world to learn more about the different cultural and ethnic diversities.
Moreover, due to the increasing digitization and penetration of the internet, people now know every place in the world. The growing aviation industry is playing a major role in improving travel by connecting all the places of the world, this factor has boosted global connectivity and hence positively impacted the growth of the leisure travel market.
Restraint and challenges ahead
The various dimensions of political instability or political turmoil such as civil unrest, terrorism, riots and strikes have inevitably led to a drop in the number of domestic and international tourists in some parts of the world. However, the global tourism industry is going through a period of continuous growth and unprecedented transformation. With continued growth and demand from the tourism industry, travelers are willing to pay higher prices for travel experiences based on their behavior, expectations and preferences. As a result, big brands no longer market segments, but personalize the entire experience for the individual. In addition, shortage of skilled manpower at middle and senior management levels, insufficient skills to train and develop staff, recruitment and retention challenges have hampered the growth of the global mobile phone industry market. pleasure trips. The growth of the leisure travel industry is dynamic, however, its impact is visible on the environment in terms of pollution, global warming, congestion and noise pollution, as transportation is the key factor in this sector .
Leisure Travel Market Opportunities and Trends
The space tourism industry seeks to provide tourists with a human space travel experience for recreation, leisure and business purposes. Some of the leading space tourism companies that provide consumers with an experience of true weightlessness in space are SpaceX, Blue Origin, Boeing, Virgin Galactic and Orion’s Reach. Additionally, wellness tourism has encouraged people to travel with the aim of promoting health and wellness to gain new experiences that go beyond crowded destinations. Also, the shift in demand towards personal travel destinations in recent times has shaped the market trends.
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Impact of COVID-19 on the Global Leisure Travel Market
COVID-19 has tremendously brought about massive and sudden transformation, due to lockdowns in most countries around the world. The strict lockdown and border closures imposed by government authorities around the world have directly affected the travel industry by creating disruptions in the demand and supply chain of the leisure travel industry. Businesses in the leisure travel market suffered huge losses. However, the leisure travel market is expected to grow as travel restrictions ease as industries restart their manufacturing units and engage travelers with virtual reality.
The Solo Traveler segment is expected to be the most lucrative segment during the forecast period
Depending on the type of traveler, the segment is divided into solo and group types. The solo segment is expected to dominate the global leisure travel market owing to various factors such as social media influence, different preferences and interests, psychographic traits. Additionally, there is a significant increase in the number of travelers who wish to travel solo in order to explore new experiences and cultures and this therefore presents a promising business opportunity in the leisure travel industry. On the other hand, group travelers make up a significant portion of the global leisure travel industry in 2021.
Online Sales Channel Records Highest CAGR in Global Leisure Travel Market
On the basis of sales channel, the global market is studied through the conventional and online channels. The online segment holds the major share of the market and is expected to register the fastest CAGR during the forecast period due to the high adoption of online channels to book travel packages, using online resources to decide destination and accommodation. The substantial growth in demand for online sales channels across the world is aimed at providing a seamless customer experience.
Asia Pacific the region dominates the leisure travel market and is expected to grow with the fastest CAGR during the forecast period
During the forecast period 2022-2027, the Asia Pacific The region holds the largest share in 2021 due to growing awareness of leisure travel, rising wellness trend, rapid development of global outbound tourism and government support to boost the industry tourism. Some of the emerging economies such as India, Malaysia and Singapore have increased investment and development in the promotion of tourism around the world. Moreover, increasing disposable income and increasing number of travelers are the major reasons for the growth of the leisure travel market in the APAC region.
Main market players
Some of the major players in the global leisure travel market are Cox & Kings Ltd., Expedia Group, JTB Americas Group, Priceline Group, TUI Group, and World Travel, among others.
Global Leisure Travel Market Segmentation Overview
The global leisure travel market is segmented on the basis of type of traveler, sales channels and region. These are further sub-segmented to get an overall view of the market.
Here are the different segments of the global leisure travel market:
- By Traveler Type, the Global Leisure Travel Market segment is further sub-segmented into:
- By Sales Channel, the Global Leisure Travel Market segment is further sub-segmented into:
- Conventional channels
- Online channels
- By Region, the Global Leisure Travel Market segment is further sub-segmented into:
- North America
- Asia Pacific
- Middle East
- South America
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SOURCE Clever Analytics