DUBLIN, September 7, 2021 / PRNewswire / – Global Leisure Travel Market Report has been added to ResearchAndMarkets.com’s offering.
The global leisure travel market had a market value of $ 4,306.8 billion in 2020 and is expected to reach $ 6,347.8 billion by 2027. The market is expected to see a CAGR of 5.7% over the forecast period.
Leisure trips are trips that are planned outside the usual environment, including for recreational, entertainment, relaxation, vacation and hobby purposes. The market is expected to be driven by changing consumer buying behavior, 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 other things. This number has almost doubled compared to 2017.
The shortage of skilled workers in middle and senior management combined with the environmental impact of vacation travel is expected to slow market growth. The market was hugely impacted during the COVID-19 pandemic due to lockdowns in most countries worldwide, the cancellation of domestic and international flights, and other travel restrictions. However, with the travel restrictions easing in 2021, the market is expected to recover soon.
Changed consumer buying behavior
As the disposable income of people around the world increases, so does their spending behavior. Much of this income is also spent on leisure travel, which is fueling market growth. According to Knoema, the top 5 countries were with the highest spending on leisure tourism Macau, Maldives, Seychelles, Bahamas, and Cape Verde, with spend of 47.9%, 31.1%, 19.9%, 17.3% and 16.4% respectively in 2019. In addition, the average traveler spends about 9% of their vacation budget on entertainment. This high spending on leisure travel should fuel market growth.
Increase in diversity
The diverse populations around the world drive people to explore new places and meet new people. Travelers are now trying to learn more about different cultural diversity and ethnicities. This drives them to travel to different locations and thus stimulate market growth.
In addition, the growing need to raise awareness of diversity also increases the acceptance of leisure travel. Modern parents choose leisure travel so their children can enjoy cultural diversity while exploring foreign travel destinations. Such experiences enable them to develop an openness to new philosophies and ideas and also to develop themselves intellectually. These factors drive market growth.
With the rapid availability of the Internet, people today know all places around the world. The growing aerospace industry has also made it possible for these people to travel to all the places they want to visit. Currently, all locations are connected by different modes of transport, which enhances global connectivity. This increases the acceptance of leisure travel and thus has a positive effect on market growth.
Key topics covered:
Chapter 1. Research framework
1.1. Research goal
1.2. Product overview
1.3. Market segmentation
Chapter 2. Research methodology
2.1. Qualitative research
2.2. Quantitative research
2.3. Breakdown of respondents in primary research by region
2.4. Acceptance for study
2.5. Estimate the size of the market
2.6. Data triangulation
Chapter 3. Summary: Global Leisure Travel Market
Chapter 4. Global Leisure Travel Market Overview
4.1. Market dynamics and trends
4.2. Covid-19 Impact Assessment on Market Growth Trend
4.2. Market growth and outlook
Chapter 5. Global Leisure Travel Market Analysis, By Traveler Type
5.1. Important findings
5.2. Market Size and Forecast, 2017-2027 (Billion USD)
Chapter 6. Global Leisure Travel Market Analysis By Distribution Channel
6.1. Important findings
6.2. Market Size and Forecast, 2017-2027 (Billion USD)
Chapter 7. Global Leisure Travel Market Analysis by Region / Country
Chapter 8. North America Leisure Travel Market Analysis
Chapter 9. Market Analysis for Leisure Travel in Europe
Chapter 10. Asia Pacific Leisure Travel Market Analysis
Chapter 11. Middle East Leisure Travel Market Analysis
Chapter 12. Leisure Travel Market Analysis in Africa
Chapter 13. South America Leisure Travel Market Analysis
Chapter 14. Company profiles (company overview, financial matrix, key product landscape, key personnel, main competitors, contact address and business strategy outlook)
- American Express travel
- Carlson Wagonlit Travel
- Cox & Kings Ltd.
- Expedia group
- Jtb USA, Inc.
- Priceline (Booking Holdings Inc.)
- Thomas Cook India Ltd.
- Tour guide group
- Tui group
- World Travel, Inc.
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