Meditation Retreats

Effects of COVID-19 and forecast to 2027

Dublin, September 07, 2021 (GLOBE NEWSWIRE) – The Global Leisure Travel Market Report has been added to ResearchAndMarkets.com to offer.

The global leisure travel market was valued at $ 4,306.8 billion in 2020 and is projected 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.

Growth influencers:

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 with the highest spending on recreational tourism were Macau, Maldives, Seychelles, Bahamas, and Cape Verde with spending of 47.9%, 31.1%, 19.9%, 17.3% and 16, respectively .4% in 2019. In addition, the average traveler spends around 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.

The story goes on

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.

Global connectivity

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)

Please visit https://www.researchandmarkets.com/r/pz6ltc for more information on this report

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