According to a report, the global leisure travel market was valued at $1,006.5 billion in 2019 and is projected to reach $1,737.3 billion by 2027, growing at a CAGR of 8.2% from 2021 to 2027. The growth of the market is driven by factors such as the rise in social media use and the pursuit of unique experiences. However, the fluctuating fortunes of destinations and the impact of the COVID-19 pandemic have curtailed the growth to some extent. The market is also witnessing the deployment of digital technologies and the emergence of new trends among millennials.
Leisure Travel Market
According to a recent report titled “Leisure Travel Market by Traveler Type, Sales Channel, By Age Group, and By Expenditure Type: Opportunity Analysis and Industry Forecast, 2021-2027,” the global leisure travel market was valued at $1,006.5 billion in 2019 and is projected to reach $1,737.3 billion by 2027, registering a CAGR of 22.6% from 2021 to 2027. You can request a sample copy of the report from the link provided: Sample Copy of Report.
The report provides a comprehensive analysis of the market, including the top investment pockets, winning strategies, drivers and opportunities, market size and estimations, competitive landscape, and changing market trends.
The growth of the global leisure travel market is driven by the increased use of social media and the desire for unique experiences in the tourism industry. However, fluctuating fortunes for destinations have limited the growth to some extent. Nevertheless, the rise of unique destinations and new trends among millennials are expected to create numerous opportunities in the industry.
The leisure travel market is evolving across regions, both in developing and developed countries, with the deployment of digital technologies such as artificial intelligence, big data and analytics, and Internet of Things. This digitalization will bring a paradigm shift in the leisure travel and tourism industry, changing how stakeholders engage with tech-savvy customers.
The outbound leisure travel market has seen significant growth since the beginning of the 21st century, driven by increased disposable income, improved logistics and infrastructure, and government promotion of tourism. However, the COVID-19 pandemic has greatly impacted the travel and tourism industry, leading to a loss of $910 billion to $1.2 trillion in export revenues in 2020 and putting around 100 to 120 million direct tourism jobs at risk. This has resulted in a decrease in the leisure travel market.
Furthermore, the impending Brexit has potential negative consequences for the outbound tourism market, with a no-deal exit expected to cause a drop of about 5-7% in outbound travelers from the UK. Countries like Spain, France, and Italy would see a significant decrease in tourists from the UK due to factors such as weaker exchange rates, tariffs, higher airfare rates, and travel insurance premiums. A no-deal scenario will also result in increased overall expenditure for UK residents and have a cascading effect on the UK economy, negatively impacting the outbound tourism industry.
Key market players in the leisure travel market include Priceline Group, Thomas Cook (India) Limited, Cox & Kings Ltd., Carlson Wagonlit Travel, Expedia Group, World Travel, Inc., American Express Travel, Travel Leaders Group, JTB Americas Group, and TUI Group.
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Key Benefits for Stakeholders:
– The report provides a quantitative analysis of the current trends, estimations, and dynamics of the leisure travel market from 2019 to 2027 to identify the prevailing opportunities.
– It offers key drivers, restraints, and opportunities in the market.
– Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions.
– The analysis of the leisure travel market segmentation helps determine the prevailing opportunities.
– The report includes the analysis of the regional and global leisure travel market trends, key players, market segments, application areas, and market growth strategies.
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You can also check out more reports by Allied Market Research on related topics:
– Ecotourism Market.
– Sustainable Tourism Market.
– Wellness Tourism Market.
– Driving Vacation Market.
– Glamping Market.
– Travel Risk Management Services Market.
– Virtual Tour Market.
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