Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Global Leisure Travel Market Report" report has been added to ResearchAndMarkets.com's offering.
The global leisure travel market held a market value of USD 4,306.8 Billion in 2020 and is forecasted to reach USD 6,347.8 Billion by the year 2027. The market is anticipated to register a CAGR of 5.7% during the projected period.
Leisure travel is trips planned outside the usual environment for recreation, entertainment, relaxation, holiday, and hobby purposes, among others. The market is anticipated to be driven by the changing spending pattern of consumers, increase in diversity, and global connectivity. In 2018, about 1 in 5 people planned to go on well-being and health trips to weight loss & fitness retreats and yoga meditation retreats, among others. This number was almost double as compared to 2017.
The lack of a skilled workforce at the mid & upper level of management coupled with the environmental impacts of leisure travel is anticipated to hinder the market growth. The market was tremendously impacted during the COVID-19 pandemic, owing to lockdowns in most of the countries globally, cancellation of domestic as well as international flights, and other travel restrictions. However, with the easing travel restrictions in 2021, the market is expected to recover soon.
Growth Influencers:
Changing spending pattern of consumers
With the rising disposable income of people across the world, their spending pattern is also changing. A large part of this income is also spent on leisure travel which is fueling the market growth. According to Knoema, the top 5 countries with the highest leisure tourism spending were Macau, Maldives, Seychelles, Bahamas, and Cape Verde, with spending of 47.9%, 31.1%, 19.9%, 17.3%, and 16.4%, respectively in 2019. Moreover, an average traveler spends about 9% of their vacation budget on the entertainment. Such high spending on leisure travel is expected to boost the market growth.
Increase in diversity
The diversified population across the globe is driving people to explore new places and meet new people. Travelers now seek to learn about different cultural diversities and ethnicities. This drives them to travel across various places, hence boosting the market growth.
Furthermore, the growing need to improve diversity consciousness is also increasing the adoption of leisure travel. Modern parents opt for leisure travel so that their children can embrace cultural diversity while exploring foreign destinations. Such experiences allow them to develop an open-mindedness to new philosophies and ideas and also become intellectually advanced. These factors are driving the market growth.
Global connectivity
Due to the rapid availability of the internet, people are now aware of all the places across the globe. The growing aerospace industry has also enabled these people to travel to all the places they desire to visit. Currently, all locations are connected via various means of transport and this has boosted global connectivity. This is increasing the adoption of leisure travel, hence positively impacting the market growth.
Key Topics Covered:
Chapter 1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
Chapter 2. Research Methodology
2.1. Qualitative Research
2.2. Quantitative Research
2.3. Breakdown of Primary Research Respondents, By Region
2.4. Assumption for the Study
2.5. Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: Global Leisure Travel Market
Chapter 4. Global Leisure Travel Market Overview
4.1. Market Dynamics and Trends
4.2. Covid-19 Impact Assessment on Market Growth Trend
4.2. Market Growth and Outlook
Chapter 5. Global Leisure Travel Market Analysis, By Traveler Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
Chapter 6. Global Leisure Travel Market Analysis, By Sales Channel
6.1. Key Insights
6.2. Market Size and Forecast, 2017 - 2027 (US$ Bn)
Chapter 7. Global Leisure Travel Market Analysis, By Region/ Country
Chapter 8. North America Leisure Travel Market Analysis
Chapter 9. Europe Leisure Travel Market Analysis
Chapter 10. Asia Pacific Leisure Travel Market Analysis
Chapter 11. Middle East Leisure Travel Market Analysis
Chapter 12. Africa Leisure Travel Market Analysis
Chapter 13. South America Leisure Travel Market Analysis
Chapter 14. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
- American Express Travel
- Carlson Wagonlit Travel
- Cox & Kings Ltd.
- Expedia Group
- Jtb Usa, Inc.
- Priceline(Booking Holdings Inc.)
- Thomas Cook India Ltd.
- Travel Leaders Group
- Tui Group
- World Travel, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pz6ltc
