Global Leisure Travel Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Leisure Travel Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Leisure travel generally refers to vacation-type travel undertaken for your pleasure and entertainment in your free time. It can be done with family, a partner, friends, or alone. Leisure travel itineraries are highly flexible, allowing individuals to make their own decisions. Leisure travel usually includes a variety of enjoyable activities such as sightseeing, relaxing on the beach, experiencing local attractions, etc.

Market Overview:

The latest research study on the global Leisure Travel market finds that the global Leisure Travel market reached a value of USD 4424070.84 million in 2023. It’s expected that the market will achieve USD 8074558.88 million by 2029, exhibiting a CAGR of 10.55% during the forecast period.

According to a report released by the United Nations Department of Economic and Social Affairs, the prospects for a strong global economic recovery remain bleak at present. Stubborn inflation, rising interest rates, and increased uncertainty all stand in the way of sustainable economic development. Inflation remains high in many countries. While upward price pressures are expected to ease gradually, inflation will remain well above central bank comfort zones in many countries. Amid disruptions in local supplies, high import costs, and imperfect markets, food inflation is high in most developing countries, disproportionately affecting women, children, and the poor, and exacerbating food insecurity. Global monetary tightening has exacerbated the fiscal and debt vulnerabilities of developing countries. Rising borrowing costs and a stronger dollar have also increased debt service burdens and the risk of debt default. Financing constraints will limit the ability of governments to invest in education, health, sustainable infrastructure, and energy transition, thereby affecting the acceleration of sustainable development. Businesses are directly affected by inflation in two main ways. When prices rise, a company's raw material, manufacturing, and administrative costs increase, and consumers' purchasing power decreases. This means that the business will sell less, thereby reducing the business's total revenue. The high cost of living has also led to increased demand from workers for higher wages. Another negative effect is that inflation brings most corporate sustainability strategies to a standstill. Includes sustainable materials, renewable energy, waste reduction and efficiency.

For consumers, inflation may limit the number of trips, travel budgets, and leisure travel plans. The people most sensitive to inflation tend to be young people because they have not yet accumulated wealth or equity. The least sensitive are those ages 50 to 65, who have invested wisely and have long-term retirement plans in place that are insulated from current market fluctuations. As prices for natural gas, food, and other goods and services continue to rise, record-high oil prices will significantly impact consumers' travel decisions. Pessimistic consumer sentiment may prompt households to delay tapping excess savings to offset high inflation. Consumers are also starting to look elsewhere for perceived value. For example, abandon long-distance and higher-cost travel in favor of regional and domestic travel. Two- and three-star hotels are becoming more popular, while four- and five-star hotels are becoming less popular. Travelers are also looking for cheaper destinations. At the same time, currency fluctuations can make planning future travel abroad more difficult. Consumers are also now starting to book in advance, which has prompted travel booking platforms to introduce “book now, pay later” options to help travelers spread the cost of their trip. To curb the impact of inflation on the tourism industry, there are several measures that tour operators and activity providers can take. This includes adopting cost-saving strategies, investing in marketing and promotional activities, exploring alternative revenue sources, continuously adapting to changes in consumer behavior, and increasing innovation activities and investments.

The development of global tourism

According to Statista data, tourism is one of the fastest-growing industries. Before the COVID-19 pandemic, growth in global travel and tourism had outpaced growth in the global economy for nine consecutive years. As the damage done to the travel industry by the pandemic slowly recedes, the industry is expected to pick up pace again. The tourism GDP growth rate in 2019 was 3.5%, second only to the information communications and financial services industries. In addition to technology and capital, societies are also largely driven by the movement of people, which contributes to globalization and an increasingly connected world. Traveling around the world has been largely driven by favorable factors such as increasing political stability, improving attitudes towards gender, ethnicity, sexual orientation, and race, and looser visa regulations. For many travelers, leisure tours strike the sweet spot. Today's travelers demand a personalized travel experience that fits their interests, preferences, and limited budget. As the global economy expands and disposable income increases, people are spending more and more on vacations. Tourists have increased their demands for local experiences. They want to fully immerse themselves in the local culture and learn new skills. The younger generation is open to new knowledge, keen to take on challenges and visit unique destinations. Many schools and college students participate in summer camps and other activities. Some adventure service providers see schools as the easiest source of marketing. Leisure travel is a form of travel that covers a wide range of activities, such as visiting new places and staying at hotels and resorts. Travelers choose unique and exotic getaways to escape their busy daily schedules and gain valuable experiences. Intimacy, tranquility, and exotic locations are the main factors people consider when choosing where to travel. Private islands have been voted a top choice by leisure travelers because they are perfect for almost every occasion, such as birthday bashes, multigenerational reunions, or couples’ getaways. An increase in different forms of travel and tourism expenditures and rising internet penetration are expected to drive the growth of the personalized leisure travel market.

Region Overview:

In 2022, the share of the Leisure Travel market in North America stood at 27.78%.

Company Overview:

Booking Holdings is one of the major players operating in the Leisure Travel market, holding a share of 0.35% in 2023.

Booking Holdings is the world’s leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through six primary consumer-facing brands: Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable, as well as through a network of subsidiary brands including Rocketmiles, Fareharbor, HotelsCombined, Cheapflights and Momondo, bringing greater value to both our customers and partners around the world.

Segmentation Overview:

By type, Group Travel segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Online Channels segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Leisure Travel market covered in Chapter 3:

Booking Holdings
MakeMyTrip
Trivago
Airbnb
Hostelworld
TripAdvisor
Yatra Online
Tuniu
Webjet
Expedia
Ctrip.Com International
Alibaba

In Chapter 4 and Chapter 14.2, on the basis of types, the Leisure Travel market from 2019 to 2030 is primarily split into:

Group Travel
Personal Travel

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Leisure Travel market from 2019 to 2030 covers:

Offline Channels
Online Channels

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)