Leisure Travel: Introduction
- Revenue of the leisure travel industry is considered with the revenue of resorts and overall travel packages. Companies provide customized packages to travel enthusiasts, so that they can choose a travel option based on their preference.
Key Drivers of the Global Leisure Travel Market
- Huge investment on tourism has enabled private investment, infrastructure development, aggregate demand, and jobs in the travel industry. Governments of different countries are working on improving the tourism sector. Tourism is considered one of the key sectors which drives the growth of a nation’s economy. Some countries are providing visa on arrival facility to encourage travelers to choose their travel destination.
- Rising penetration of social media among the millennial population is driving them to invest in leisure travel, which these days is considered a sign of social status. These are key factors driving the leisure travel market.
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- Leisure travel sales through online sales channels is expanding significantly. Online market players are offering easy booking services to attract more customers. Some of the companies offer discounts to attract consumers toward online platform. As a result, the online leisure travel sales channel segment is expected to expand at a higher pace over the forecast period 2024 to 2031.
- However, Covid-19 has resulted in the overall tourism market witnessing a slowdown in 2020. However, the market is expected to grow at a significant pace in 2024 and 2024.
Rising Demand for Solo Travel Globally to Create New Market Opportunities
- The consumer trend of solo travel is becoming hugely popular. Social media is motivating people to undertake solo international and domestic travel. Increasing number of travel enthusiasts at the global level is creating new opportunity for the leisure travel market.
Travel Restrictions Due to Covid-19 to Restrict Market Growth
- Governments of different countries have banned travel to different destinations as a result of COVID-19. Overall, the tourism industry faced huge loss in 2020. Moreover, some of the countries have decreased their spending on the tourism sector. Threat of the pandemic is likely to restrict the market growth in coming years.
Asia Pacific the Dominant Market for Leisure Travel
- Asia Pacific accounted for the largest and fastest growing leisure travel market in 2019. North America and Europe also accounted for significant share of the leisure travel market, with major players operating their global market from these regions. China, Thailand, Indonesia, Vietnam, Malaysia, and Singapore are key travel destinations in the Asia Pacific region, with people from different continents visiting these places.
- Many small & medium sized travel companies are present in North America, Asia Pacific, and Latin America. Rising disposable income in different Asia Pacific and African countries is expected to boost the revenue of the leisure travel market in the coming years.
Key Players Operating in the Global Leisure Travel Market
The global leisure travel market is fragmented in nature. Key global leisure travel companies are working on providing innovative offers to increase their customer base. Furthermore, companies are adopting the merger and acquisition strategy to increase their geographical reach. Some of the key players operating in the global leisure travel market are listed below:
- American Express Travel
- Carlson Wagonlit Travel
- Cox & Kings Ltd.
- Expedia Group
- JTB Americas Group
- Priceline Group
- Thomas Cook (India) Limited
- Travel Leaders Group
- TUI Group.
- World Travel, Inc.
Global Leisure Travel Market: Research Scope
Global Leisure Travel Market, by Type
- Solo
- Group
Global Leisure Travel Market, by Age Group
- Baby Boomers
- Generation X
- Millennial
- Generation Z
Global Leisure Travel Market, by Expenditure Type
- Lodging
- Transportation
- Food and Beverages
- Events & Entertainment
- Others
Global Leisure Travel Market, by Sales Channel
- Conventional Channels
- Online Channels
The report on the global leisure travel market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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