NEWARK, Del: , Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Social Tourism Market is estimated to reach US$ 54.79 Bn in 2022. As per the report, sales are forecast to increase at a robust 3.88% CAGR, with the market valuation reaching US$ 79.8 Bn by 2032.
Social tourism refers to tourism organised for people with modest income and the travellers who cannot afford to travel on their own. Social tourism is done for various social purposes which intend to uplift the emotional and mental state of certain community. Lately, Governments of several countries are taking active interest in social tourism and are coming up with new initiatives to uplift the sector in their particular regions.
Due to international travel limitations, health concerns, and financial difficulty, many locations will enjoy a domestic tourism boom when limits start to loosen in some regions of the world. Despite the short-term rise, domestic tourism will face difficulties once the pandemic's impacts start to fade because many visitors would want to travel abroad once more.
People from disadvantaged or vulnerable groups are given the chance to take benefit of tourism through social tourism, which offers a long-term sustainable solution. Resulting in long-term social advantages for society at large and stable revenue streams for domestic service providers.
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“Government initiatives and growing options for enrichment of the society will boom the Social Tourism Market “Says an FMI analyst.
Key Takeaways:
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly ~65%.
- Based on packages, Social tourists will continue to opt for group tour deals over the normal travel deals.
- In terms of age group, 36-45 years and 46-55 years will be the major participants of Social Tourism.
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Future Market Insights, in its new offering, provides an unbiased analysis of Social Tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Social Tourism by Tour Type (Socio-educational tours, Socio-cultural tours, Socio-recreational tours, socio-adventure tours, Others) Booking Channel (Phone Booking, Online Booking & In Person Booking) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Package Traveller and Tour Group) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, 56-65 Years, 66-75 Years) & Region - Forecast to 2017 – 2032
Impact of COVID-19 on the Market
Same as other tourism sectors social tourism had also declined due to the pandemic and its regulations. People were locked inside the walls of their houses which hampered the mental and emotional state of many people. However, people with stable financial backgrounds were able to overcome the situation in the post pandemic phase.
While, people that were not doing so well and had financial issues throughout the lockdown were forced to work after the pandemic was under control. This gave them no time to think and stabilize themselves. Hence, governments and organisations have started new initiatives that are focused towards the wellbeing of the society, specially the people with less economic status.
Who is winning?
Leading players in Social Tourism market are Eurostar, SNCF, Deutsch Bahn, FlixTrain, Trenitalia, Renfe, Interpid, explore travels, Exodus Travels, G. Adventures, On the go tour, Maharashtra Tourism among others.
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Social Tourism Market by Category
By Tour Type, Social Tourism Market is segmented as:
- Socio-educational tours
- Socio-cultural tours
- Socio-recreational tours
- Socio-adventure tours
- Others
By Booking Channel, Social Tourism Market is segmented as:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type, Social Tourism Market is segmented as:
- Domestic
- International
By Tour Type, Social Tourism Market is segmented as:
- Independent Traveler
- Tour Group
- Package Traveller
By Age Group, Social Tourism Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 56-65 Years
- 66-75 Years
By Region, Social Tourism Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Bn) and Forecast (2022-2032)
2.2. Number of Travelers (Bn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Travelers Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.2. Travel Sector Contribution To Global Overall Employment
3.1.3. Travel & Tourism Growth Rate
3.1.4. Foreign Visitor Exports As Percentage of Total Exports
3.1.5. Capital Investment In Travel & Tourism Industry
3.1.6. Different Components of Travel & Tourism
4. Social Tourism Market Dynamics
4.1. Market Drivers & Opportunities
4.1.1. Effect of pandemic on the mental state of people
4.1.2. Increased in countries participating in social tourism
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