IMARC Group, a leading market research company, has recently releases report titled “Leisure Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global leisure travel market size reached US$ 869.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,639.4 Billion by 2032, exhibiting a growth rate (CAGR) of 7.08% during 2024-2032.
Leisure travel encompasses journeys taken for relaxation, recreation, and exploration rather than business obligations. It involves individuals seeking respite from their daily routines, aiming to rejuvenate their spirits by experiencing new destinations, cultures, and activities. It enables travelers to unwind, connect with loved ones, and immerse themselves in novel experiences. It assists in providing memorable and enjoyable escapades, ranging from serene beach getaways to cultural expeditions in historic cities. It provides a well-deserved break from daily routines, allowing individuals to recharge and alleviate stress. Exploring new destinations fosters cultural awareness, broadening perspectives and promoting tolerance. Additionally, travel enhances interpersonal skills as interactions with diverse people and cultures enhance adaptability and communication abilities. It also stimulates cognitive functions, enhancing creativity and problem-solving skills. Exposure to historical sites, art, and cuisine enriches knowledge and cultural appreciation. Physical activities undertaken during leisure travel boost overall health and well-being. Furthermore, leisure travel encourages a balance between work and personal life, improving mental health and overall satisfaction. It also aids in promoting environmental consciousness, as exploring natural landscapes improves a connection with nature.
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Leisure Travel Market Trends and Drivers:
At present, the expanding middle class and rising disposable incomes of individuals worldwide represent one of the key factors impelling the growth of the market. As more individuals seek to strike a harmonious work-life balance, there is a growing inclination towards utilizing vacation time for enriching and restorative travel experiences. As a result, destinations that offer a blend of relaxation, adventure, and cultural immersion are in high demand. Moreover, the prevalence of digital platforms is facilitating seamless travel planning, enabling travelers to research, book, and customize their itineraries with ease. Besides this, travelers are increasingly drawn to eco-conscious options that minimize their environmental footprint and support local communities. This shift is prompting businesses in the leisure travel industry to adopt eco-friendly practices, from accommodations utilizing renewable energy sources to tour operators collaborating with indigenous populations to offer authentic and sustainable experiences. In addition, changing lifestyles and a growing emphasis on work-life balance is prompting a higher demand for leisure activities, including travel. The desire for unique and experiential journeys fuels exploration of diverse destinations, further strengthening the market growth. Furthermore, governing agencies of various countries are undertaking initiatives to promote tourism, coupled with the expansion of airline networks and accommodations, are catalyzing the demand for leisure travel. Additionally, increasing retiree populations are dedicating more time to leisure travel, which is bolstering the growth of the market.
Who are the key players operating in the Leisure Travel industry:
American Express Company
Cox & Kings Ltd.
Direct Travel Inc.
Flight Centre Travel Group Limited
Hays Travel Limited
JTB Americas Ltd. (JTB Corporation)
MakeMyTrip Pvt. Ltd.
Tripadvisor Inc.
Trivago N.V.
TUI Group and World Travel Inc.
The report has been segmented the market into following categories:
Breakup by Traveler Type:
Solo
Group
Breakup by Age Group:
Baby Boomers
Generation X
Millennial
Generation Z
Breakup by Expenditure Type:
Lodging
Transportation
Food and Beverage
Events and Entertainment
Others
Breakup by Sales Channel:
Conventional Channel
Online Channel
By Geography:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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