Global Tailor Made Travel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tailor Made Travel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Tailor made travel is completely individual, like a tailored suit. It is crafted by travel agents and local travel experts based on consumers' needs, interests, and budgets. Tailor made travel services include flights, private guides, drivers, car rentals, meals, theater reservations, travel insurance, and luxury hotels, among others. Consumers can do whatever they want in their way on a tailor made travel. Experts are not only able to find the best options available but also save users money by finding great prices on activities and accommodation.

Market Overview:

The latest research study on the global Tailor Made Travel market finds that the global Tailor Made Travel market reached a value of USD 126583.2 million in 2022. It’s expected that the market will achieve USD 203504.4 million by 2028, exhibiting a CAGR of 8.23% during the forecast period.

The outbreak of COVID-19 has forced government authorities to take drastic measures, including flight restrictions, lockdowns, and travel bans. Like all sectors of the economy, travel agencies are responding to the challenges posed by the ongoing pandemic. The World Tourism Organization (UNWTO) reported that international tourist arrivals rose by just 4% in 2020, 72% below 2019 levels. This equates to a reduction of more than 1 billion international arrivals compared with pre-pandemic levels, keeping the industry at levels last seen in the late 1980s. Tourism involves many industries, including transportation, accommodation, tour companies, catering services, and more. All of these industries have been affected in some way by the pandemic. On the transport front, airlines have seen unprecedented declines in passenger numbers due to travel bans and customer uncertainty. At the same time, hotel occupancy rates fell sharply in all regions of the world in the first few months of 2020. Most major airlines, online booking sites, hotel groups, and cruise lines have reported substantial losses in 2020. Cost-cutting measures such as layoffs, furloughs, and pay cuts have become the norm, and many businesses are drawing on lines of credit. Manufacturers of industrial components that support these businesses have been forced to cut production sharply. The crisis puts at risk hundreds of millions of direct tourism jobs around the world, many of them in small and medium-sized enterprises. As the epidemic gradually came under control, some enterprises began to resume work. However, enterprises need to protect the life and health of employees in daily operations, such as purchasing masks, disinfectants, and other anti-epidemic materials, disinfecting the working environment before and after production, and measuring the temperature of employees every day to ensure the health of employees. These measures will increase production costs and affect the development of enterprises. In addition, domestic and regional travel is on the rise in response to the COVID-19 pandemic, as travelers seek to avoid international travel and explore their own country or nearby destinations. Tailor made travel service providers must adapt to this trend by offering more localized experiences and ensuring their services comply with local health and safety regulations.

Advantages of Tailor Made Travel

Tailor made travel has many advantages. According to a survey, 67% of vacationers feel overwhelmed by too many options when researching and planning, and 41% feel pressured by arranging things to do while traveling. Therefore, custom travel planners will take care of everything for consumers, which is becoming more and more popular in modern travel. First, consumers don't have to organize anything. All a consumer has to do is provide information, interests, and a budget, and the agent will handle the rest. Travel agency specialists often have decades of combined expertise and experience in the travel industry. They can fill in the blanks and provide advice on things consumers may not know or know. Most prepackaged tours have already combed through the local attractions and selected the best. That doesn't mean they're best for everyone, though. Non-drinkers, for example, were sent to Italian vineyards, and those who felt claustrophobic went with the flow to visit famous caves. By opting for a personalized tour, tourists can tailor activities entirely to their interests. Second, privacy is one of the most critical aspects of customizing travel. Consumers can share and experience vacations with only those close to them, avoiding moving as a group with a group of strangers, and all the restrictions that come with it. Another obvious benefit is that consumers can choose their time flexibly and will not be bound by a strict schedule. For example, cruise ships are only in port for a few hours, and tourists on cruise ships often need to make rushed shore excursions. Overland travel often involves jam-packed itineraries, with endless activities scheduled from the moment people wake up until they fall asleep. Custom tours, on the other hand, allow visitors to spend a full day exploring a location and take it slow. And, custom tours provide deeper insight and access. A private guide can answer visitors' questions and explain interesting facts about the local culture, as well as gain faster access to major attractions. The company of tour guides and drivers makes tourists not have to worry about safety and language issues. Plus, consumers can customize tours to match them, no matter what their budget allows. Young people save money by staying in hotels, taking sleeper buses, and eating street food. Those who prefer to travel in comfort will opt for five-star hotels and first-class flights. Because of the travel agency's relationships with various service providers, they will be able to offer tourists discounted rates, insider access, and perks not available to others. Overall, these advantages of tailor made travel make tourists' holidays worry-free and cost less, so they are favored by more and more tourists.

The development of global tourism and the upgrading of tourism consumption

According to Statista data, tourism is one of the fastest-growing industries. With a GDP growth rate of 3.5% in 2019, tourism is second only to information communication and financial services. 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, custom tours strike the sweet spot between traveling independently and joining a tour group. 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. Rising spending on different forms of travel and tourism such as leisure travel, business travel, adventure travel, medical travel, educational travel, luxury travel, and rising internet penetration are expected to boost the growth of the personalized and customized travel market.

The tourism industry is also heavily influenced by social media and influencer marketing. Travel experiences and memories told by tourists through social media platforms such as Instagram, Facebook, and Twitter are growing dramatically. Travel service providers use social media platforms to advertise and promote services. Modern travelers want to create their own unique experiences with flexible itineraries that combine entertainment and relaxation. The growing popularity of cruise ships, yachts, and small vessels has attracted a large number of tourists, especially high-net-worth individuals. Cruise companies are paying more and more attention to water luxury tourism projects. According to the 2022 Global Wealth Report, high-net-worth individuals account for only 1.2% of the global population but control about 48% of the world's wealth. The total number of HNWIs will increase by 7.8% to 22.37 million in 2021. The top five countries with the most high-net-worth individuals are the United States, Japan, Germany, China, and France. The growing number of global wealthy individuals is expected to drive demand for luxury travel. Personalizing the travel experience is one of the most important trends in the travel industry, and some brands are already jumping on the bandwagon. EasyJet collected available data on each individual to create a personal story about when they first flew with the airline and where they went next. Princess Cruises has used wearables to personalize trips with its Ocean Medallion. The Ocean Medallion is a coin-sized device that can be worn as a wristband or necklace, allowing passengers to interact with the cruise ship. The device works in conjunction with Ocean Compass, a digital experience portal that holds passengers' personal information and preferences. Therefore, with the development of the global tourism industry and the upgrading of tourism consumption, players in the tourism, hotel, and aviation industries should focus on improving and enhancing the basic knowledge (products, performance, and price), and the tailor made travel industry will receive Rapid development.

Talent shortage

Becoming an employee of a travel agency usually requires a certain degree or diploma, and employers may also prefer to hire candidates with sales experience or related credentials. The travel industry needs people who understand customer service and can adapt to unexpected situations. Good communication and customer service skills are essential. It is also important to have strong language and cultural skills to understand customers, handle emergencies and handle cultural differences deftly. Due to the lasting impact of the pandemic on tourism jobs and livelihoods, staff at all levels of tourism organizations have shifted to different industries. The expansion of tourism and hospitality activities is mainly limited by human resource crises in terms of quality shortages or shrinking volumes. In situations where labor shortages are encountered, companies may need to leverage low-cost technology and automate routine work tasks. Replacing labor with technology is sometimes a viable solution to labor shortages. Tour companies routinely receive hundreds of inquiries, often tentative, from travelers via email. Customized travel services require extensive communication and mutual trust between customers and planners. To cater to the needs of special interest groups, planners need to do a lot of research. Hollywood movie buffs and barbecue lovers, for example, need to research must-see spots and add surprises for them. Demonstrating knowledge means that planners start research early. Employers across all industries are adapting their recruitment and retention strategies to attract a new generation of young workers. In addition to flexible work arrangements, businesses are turning to creative employee perks such as financial planners, offering recruitment and retention bonuses, and creating opportunities for career growth and upskilling. Therefore, the talent shortage may pose a challenge to the development of the tailor made travel industry.

Region Overview:

In 2022, the share of the Tailor Made Travel market in Europe stood at 31.27%.

Company Overview:

The major players operating in the Tailor Made Travel market include Der Touristik Group, Abercrombie and Kent, Hays Tour Operating, Trailfinders, Audley Travel, etc. Among which, Der Touristik Group ranked top in terms of sales and revenue in 2023.

Der Touristik Group

Der Touristik Group is one of the leading tourism groups in Europe and the REWE Group’s travel and tourism division. Der Touristik Group can look back on a corporate history spanning over 100 years. Today, more than 8,000 people in 16 European countries are working with in-depth knowledge of tourism and a strong passion for making guests’ holiday dreams come true.

Abercrombie and Kent

Today, Abercrombie and Kent is the world’s premier luxury travel company, with an unrivaled legacy of creating memorable, inspiring adventures in more than 100 countries on all seven continents. Our approach combines singular service, authentic local expertise, and beyond-the-guidebook insider access, all of which come together to create a journey of a lifetime, every time you travel with us.

Segmentation Overview:

By type, Culture and History segment accounted for the largest share of market in 2022.

Application Overview:

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

Key Companies in the global Tailor Made Travel market covered in Chapter 3:

Trailfinders
Tailor Made Holidays
Ampersand Travel
Audley Travel
Der Touristik Group
Tailor Made Travel
Tailored Travel
Hays Tour Operating
Abercrombie and Kent
Active Travel Group
Wilderness Scotland
Evaneos
Original Travel
Rovia
Wayfairer Travel

In Chapter 4 and Chapter 14.2, on the basis of types, the Tailor Made Travel market from 2018 to 2029 is primarily split into:

Culture and History
Exploration
Food and Cooking
Relaxation

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tailor Made Travel market from 2018 to 2029 covers:

Domestic
Foreign

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) 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)