According to a new report published by Allied Market Research, titled, “Leisure Travel Market by Traveler Type, Sales Channel, By Age Group and By Expenditure Type: Opportunity Analysis and Industry Forecast, 2021–2027,”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The global leisure travel market size 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.
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Rise in social media use, and pursuit of unique experiences to heighten the global tourism industry are the major factors driving the growth of the global leisure travel market. On the other hand, fluctuating fortunes for destinations curtail down the growth to some extent. However, unique destinations gaining high traction amongst tourists, and new trends prevailing among millennials are expected to pave the way for a plethora of opportunities in the industry.
Evidence of evolving leisure travel market is emanating across regions whether developing or developed. Deployment of digital technologies including but not limited to artificial intelligence, big data and analytics, Internet of Things will continue to remain in cynosure for rapidly developing tourism industry. The increasing advent of digitalization will continue to foster bringing paradigm shift in the leisure travel and tourism industry regarding how engaged stakeholders will reach out to tech-savvy customers.
The outbound leisure travel have gained significant momentum at the starting of 21st century as the result of rise in disposable income, expansion of logistics & infrastructure, rigorous promotion & advertising of tourism by governments. The outbound tourism market has expanded sprightly, as a result the number of outbound tourists maintained robust growth each year from 2002 to 2018.
Based on age group, the generation X segment held the major share in 2018, garnering nearly two-fifths of the total market. Simultaneously, the millennials segment would register the fastest CAGR of 6.6% till 2026. The segment of generation Z is also analyzed in the market report.
In addition, the travel & tourism industry will suffer a loss of $910 billion to $1.2 trillion in export revenues from tourism in 2020, which is further expected to hamper the growth of the market. Moreover, according to UNWTO, the pandemic is likely to increase unemployment by putting around 100 to 120 million direct tourism jobs at risk, thereby restraining the growth of the leisure travel market.
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UK is at the verge of Brexit and no deal exit might have appalling ramifications on the outbound tourism market. According to AMR analysis a no deal Brexit might cause a drop of about 5-7% in out bound travelers from UK. Spain, France and Italy would see a significant drop of tourists travelling from UK owing to weaker exchange rate, imposition of tariffs, higher air fare rates and higher travel insurance premiums. A decrease in the value of British currency will result in changing UK residents preferences for domestic holidays A no deal scenario will result in increased overall expenditure incurred by UK residents. No deal exit will have cascading effect to the UK economy, which will negatively impact UK outbound tourism industry.
The key players profiled in the report includes Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc., American Express Travel, Travel Leaders Group, TUI Group., Thomas Cook (India) Limited and Cox & Kings Ltd.
Key Findings Of The Study:
○ By traveler type, the group segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
○ By age group, the Generation-X segment led the global leisure travel market demand in 2019, and is expected to retain its dominance throughout the forecast period.
○ By expenditure type, the lodging segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
○ By sales channel, the online channels segment accounted for highest share in the leisure travel market growth in 2019, and is projected to grow at a CAGR of 23.1% from 2021 to 2027.
○ By region, Asia-Pacific accounted for highest leisure travel market share in 2019, and is expected to grow at a CAGR of 24.1%.
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Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Leisure Travel.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Leisure Travel, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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