The global leisure travel market held a market value of USD 4,306.8 Billion in 2022 and is forecasted to reach USD 6,347.8 Billion by the year 2030. The market is anticipated to register a CAGR of 5.7% during the projected period.
Leisure travel is planned trips outside the usual environment for recreation, entertainment, relaxation, holiday, and hobby purposes, among others.
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The market is anticipated to be driven by the changing spending pattern of consumers, increase in diversity, and global connectivity. In 2018, about 1 in 5 people planned to go on well-being and health trips to weight loss & fitness retreats and yoga meditation retreats, among others. This number was almost double as compared to 2017. The lack of a skilled workforce at the mid & upper level of management coupled with the environmental impacts of leisure travel is anticipated to hinder the market growth.
The market was tremendously impacted during the COVID-19 pandemic, owing to lockdowns in most of the countries globally, cancellation of domestic as well as international flights, and other travel restrictions. However, with the easing travel restrictions in 2021, the market is expected to recover soon.
Changing spending patterns of consumers
With the rising disposable income of people across the world, their spending pattern is also changing. A large part of this income is also spent on leisure travel which is fueling the market growth. According to Knoema, the top 5 countries with the highest leisure tourism spending were Macau, Maldives, Seychelles, Bahamas, and Cape Verde, with spending of 47.9%, 31.1%, 19.9%, 17.3%, and 16.4%, respectively in 2019. Moreover, an average traveler spends about 9% of their vacation budget on the entertainment. Such high spending on leisure travel is expected to boost the market growth.
Increase in diversity
The diversified population across the globe is driving people to explore new places and meet new people. Travelers now seek to learn about different cultural diversities and ethnicities. This drives them to travel across various places, hence boosting the market growth. Furthermore, the growing need to improve diversity consciousness is also increasing the adoption of leisure travel. Modern parents opt for leisure travel so that their children can embrace cultural diversity while exploring foreign destinations. Such experiences allow them to develop an open-mindedness to new philosophies and ideas and also become intellectually advanced. These factors are driving the market growth.
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Global connectivity Due to the rapid availability of the internet, people are now aware of all the places across the globe. The growing aerospace industry has also enabled these people to travel to all the places they desire to visit. Currently, all locations are connected via various means of transport and this has boosted global connectivity. This is increasing the adoption of leisure travel, hence positively impacting the market growth.
The global leisure travel market is segmented based on the traveler type and sales channel.
By Traveler Type
The solo traveler segment is expected to hold the largest market share of more than 70% and the group segment is estimated to grow at the fastest CAGR of around 6.1% during the forecast period. The rising number of solo travelers is expected to boost the segment’s growth. Affordable and convenient group packages offered by various travel companies are expected to drive the group traveler segment’s growth.
By Sales Channel
• Conventional Channels
• Online channels
The market value for online channels is expected to surpass USD 4,300 billion by 2024. Rising demand for web-based bookings coupled with the increasing number of online travel websites, such as Expedia, is estimated to drive the market growth.
Based on region, the global leisure travel market is divided into Europe, Asia Pacific, Middle East, Africa, North America, and South America.
The Asia Pacific region is expected to hold the largest market share of more than 38% owing to the rising preference for places located in the Asia Pacific for leisure travel. These places include Maldives, Macau, and Thailand, among others.
The Europe region accounted for the second-largest market share owing to the rising disposable income and support from the government as well as non-government organizations to travel and explore various places.
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Key players operating in the global leisure travel market include American Express Travel, Carlson Wagonlit Travel, Cox & Kings Ltd, Expedia Group, JTB USA, Inc., Priceline (Booking Holdings, Inc.), Thomas Cook India Ltd, Travel Leaders Group, TUI Group, and World Travel, Inc., among others.
These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, CWT, a travel management platform launched and implemented its remodeled onboarding program for seamless and swift new client integration in May 2021. With this, the company focused on solving a traditional industry-wide issue.
The global leisure travel market report provides insights on the below pointers:
• Market penetration: Provides comprehensive information on the market offered by the prominent players.
• Market development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
• Market diversification: Provides in-depth information about untapped geographies, recent developments, and investments.
• Competitive landscape assessment: Mergers & acquisitions, certifications, product launches in the global leisure travel market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
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The global leisure travel market report answers questions such as:
• What is the market size and forecast of the Global Leisure Travel Market ?
• What are the inhibiting factors and impact of COVID-19 on the Global Leisure travel Market during the assessment period ?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Leisure Travel Market ?
• What is the competitive strategic window for opportunities in the Global Leisure Travel Market?
• What are the technology trends and regulatory frameworks in the Global Leisure Travel Market?
• What is the market share of the leading players in the Global Leisure Travel Market?
• What modes and strategic moves are considered favorable for entering the Global Leisure travel Market ?
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