**Embracing Lucrative Opportunities: The Booming Leisure Travel Market**
In a recent groundbreaking report, titled “Leisure Travel Market Analysis and Forecast from 2023 to 2031,” industry experts shed light on the impressive growth trajectory and immense potential of the keyword market. This thriving sector has become a hotspot for savvy investors and stakeholders looking to capitalize on its rapid expansion.
The report leaves no stone unturned in its comprehensive analysis, delving into a wide range of factors that drive the market’s impressive growth. It meticulously segments the market based on Regions, Country, Company, and other key segments, providing invaluable insights for businesses seeking to make informed decisions and gain a competitive edge.
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The global leisure travel market held a market value of USD 4,306.8 Billion in 2020 and is forecasted to reach USD 6,347.8 Billion by the year 2027. The market is anticipated to register a CAGR of 5.7% during the projected period.
Leisure travel is trips planned outside the usual environment for recreation, entertainment, relaxation, holiday, and hobby purposes, among others. 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.
Growth Influencers:
Changing spending pattern 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.
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.
Segments Overview:
The global leisure travel market is segmented based on the traveler type and sales channel.
By Traveler Type
? Solo
? Group
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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.
Regional Overview
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.
Competitive Landscape
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
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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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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