The new report by Expert Market Research titled, ‘Global Leisure Travel Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global leisure travel market, assessing the leisure travel market based on its segments like traveller types, sales channels, age groups, expenditure types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): About USD 1.07 trillion
- Forecast CAGR (2023-2028): 7%
The growing market for leisure travel can be attributed to the rise in per capita disposable incomes. The increasing standards of living have propelled the travel industry, hence fuelling the market growth of leisure travel. In addition, the market is being further aided by measures taken by private and public sector companies to promote vacations, such as paid leaves and LTC policies, among others. Further, the growing internet penetration is uniting diversified cultures through social media, which is driving people to explore more, hence adding to the market expansion. Additionally, the rising trends of social media influencing have given rise to travel blogging, which is another factor positively influencing the growth of the market.
Leisure Travel Industry Definition and Segmentation
Leisure travel refers to cross country or domestic vacation taken by individuals or a group of individuals for personal enjoyment. It allows people to rejuvenate from busy lives by exploring different parts of the world and engaging in different activities. The leisure travel industry includes services like accommodation, transportation, retail, and entertainment, among others.
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On the basis of traveller type, the market can be divided into:
Based on sales channel, the market can be segmented into:
- Conventional Channel
- Online Chanel
The market, based on age group, can be classified into:
- Baby Boomers
- Generation X
- Generation Z
Based on expenditure type, the market can be distributed into:
- Food and Beverage
- Event and Entertainment
The regional markets for leisure travel include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Leisure Travel Market Trends
The growth in the global market for leisure travel is being driven by the increasing penetration of online sales channels. The increasing penetration of consumer electronics such as smartphones, tablets, and laptops has led to the establishment of various travel agencies operating in an online mode, thereby fuelling the market growth. Further, the increasing collaborations between banks, hotels, and airline agencies are further attracting customers through sales technique like discounted prices, cash backs, and freebies, among others. Moreover, the market is further expected to grow at a significant pace in the coming years owing to a greater focus on mental wellbeing. These are some of the factors aiding the growth of the market.
Key Market Players
The major players in the market are JTB USA Inc., Expedia Group, Inc., Cox & Kings Ltd., CWT Global B.V., American Express Company, Travel Leaders Group, and TUI AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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