The latest research study “Leisure Travel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that The global leisure travel market size reached US$ 732.37 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,224.88 Billion by 2027, exhibiting a growth rate (CAGR) of 8.30% during 2022-2027.
Leisure travel represents casual trips that are planned for entertainment, relaxation, recreation, and personal enjoyment by an individual or a group of individuals. It assists them in relaxing and unwinding. Leisure travel involves exploring several cultures across countries with an enhanced focus on providing an enjoyable experience. Numerous industries are well-established in the leisure travel ecosystem, including accommodations, logistics, food and beverage (F&B), retail, recreation, and other tourism services. It contributes to the creation of new experiences by bringing people together, supporting communities, boosting the economy, etc. Recreational activities are specifically included in these journeys to enhance physical, mental, and emotional well-being. Consequently, leisure travel relieves stress from the body and mind while enriching the cultural knowledge of travelers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Leisure Travel Market Trends and Drivers:
The increasing number of global outbound tourists is primarily driving the leisure travel market. Additionally, the improved lifestyle standards of the consumers and the emerging trend of eco-friendly, space, and wellness tourism are further catalyzing the market growth. Besides this, the rising investments in leisure travel activities, on account of the inflating penetration of social media platforms, and easy online booking services, are acting as significant growth-inducing factors. Moreover, the widespread adoption of low-cost airlines, favorable initiatives by government bodies, and the growing awareness among tourists towards unique destinations are also positively influencing the global market. Apart from this, the elevating integration of Big Data analytics, the Internet of Things (IoT), artificial intelligence (AI), etc., in the tourism industry is anticipated to fuel the leisure travel market over the forecasted period.
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Leisure Travel Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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:
Breakup by Age Group:
- Baby Boomers
- Generation X
- Generation Z
Breakup by Expenditure Type:
- Food and Beverage
- Events and Entertainment
Breakup by Sales Channel:
- Conventional Channel
- Online Channel
- 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
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