According to a new report, the leisure travel market has been segmented on the basis of traveler type, sales channel, age group, spending type, and region.
5933 NE WIN SIVERS DRIVE, Portland, OR, US, Sep 23, 2022 / EINPresswire.com/ – According to a new report published by Allied Market Research, “Leisure Travel Market by Traveler Type, Sales Channel, by Age Group Type and Spending: Analysis Opportunities and Industry Forecast, 2021-2027,” The global leisure travel market was valued at $1,006.5 billion in 2019 and is expected to reach $1,737.3 billion by 2027, registering a compound annual growth rate of 22.6% from 2021 to 2027.
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Leisure travel abroad has gained great momentum at the beginning of the twenty-first century as a result of rising disposable income, expansion of logistics and infrastructure, strict promotion and advertising of tourism by governments. The outbound tourism market expanded significantly, and as a result the number of outbound tourists maintained strong growth every year from 2002 to 2018. The number of outbound tourists exceeded a record 1.4 billion in 2018.
New trends have emerged due to the rapid development of global outbound tourism. Citizens’ perceptions have changed from meeting everyday needs to improving their quality of life. Now more than ever, travel plays a vital importance in the hectic lifestyle of people. Leisure vacation has remained the preferred type of travel, however, adventure tourism has gained wide traction in the past few years.
Evidence for the development of the leisure travel market is emerging across regions, whether developing or developing. Deploying digital technologies including but not limited to artificial intelligence, big data, and analytics, the Internet of Things will continue to remain in a difficult position to rapidly develop the tourism industry. The advent of increasing digitization will continue to drive a paradigm shift in the leisure travel and tourism industry in how participating stakeholders reach tech-savvy customers.
Based on age group, Generation X captured the major share in 2018, capturing nearly two-fifths of the total market. At the same time, the millennial segment will register the fastest compound annual growth rate of 6.6% until 2026. The generation Z segment has also been analyzed in the market report.
The UK is on the cusp of Brexit, and no deal will have horrific repercussions on the outbound tourism market. According to AMR analysis, a no-deal Brexit could cause a 5-7% drop in check-in travelers from the UK. Spain, France and Italy will see a significant drop in the number of tourists traveling from the UK due to a weak exchange rate, tariffs, higher airfares and higher travel insurance premiums. The devaluation of the British currency will change the preferences of UK residents for domestic holidays. A no-deal scenario would result in an increase in the overall expenses incurred by UK residents. No deal exit will have a ripple effect on the UK economy, which will negatively impact the UK outbound tourism industry.
In addition, the travel and tourism industry will suffer a loss of $910 billion to $1.2 trillion in export revenue from tourism in 2020, which is expected to hamper market growth. Moreover, according to the World Tourism Organization, the pandemic is likely to increase unemployment by putting about 100 to 120 million direct tourism jobs at risk, thus restricting the growth of the leisure travel market.
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The major players identified in the report are Expedia Group, Priceline Group, Carlson Wagonlit Travel, JTB Americas Group, World Travel, Inc. , American Express Travel, Travel Leaders Group, and TUI Group. , Thomas Cook (India) Limited, and Cox & Kings. Ltd.
Key benefits for stakeholders:
○ This report provides a quantitative analysis of market segments, current trends, estimates and analysis dynamics of the leisure travel market from 2019 to 2027 to identify the prevailing leisure travel market opportunities.
Market research is presented along with information regarding key drivers, constraints, and opportunities.
Porter’s Five Forces analysis highlights the power of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and to strengthen the supplier and buyer network.
An in-depth analysis of the leisure travel market segmentation helps to identify the prevailing market opportunities.
○ The major countries in each region are determined according to their revenue contribution to the global leisure travel market.
○ Positioning a player in the market facilitates setting standards and provides a clear understanding of the current position of players in the leisure travel market.
Reasons to buy this Leisure Travel Market Report:
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○ Sort out new customers or potential partners in the demographic you are looking for.
Suitable for providing reliable, high-quality data and analytics to aid your internal and external presentations.
○ Develop tactical initiatives by gaining a better understanding of areas in which large corporations can intervene.
○ To increase and develop business potential and access, develop and plan licensing and licensing strategies by finding potential partners with the most attractive projects.
○ Identify new entrants with potentially strong product portfolios and develop effective counter strategies to gain competitive advantage.
○ To develop effective R&D strategies, gathering information, analysis, and strategic insight from competitors.
○ The market for travel risk management services is expected to reach $223.62 billion by 2031
○ The wellness tourism market recorded a compound annual growth rate of 7.2% from 2021 to 2030
○ The ecotourism market recorded a compound annual growth rate of 14.3% from 2021 to 2027
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